1) Macro → Micro Context
Daily / 4H Trend:
Still a clear up-trend on the daily & 4-hour: higher highs / higher lows above the 8, 34 & 55 EMA ribbon.
The $120 K–$121 K zone houses the largest Volume-by-Price node in two weeks, now acting as near-term support.
1H Context:
X→A: $106 100 → $118 950 impulsive run
A→B: ~15% pullback into $117 000 (≈0.15 XA)
B→C: 3.06× extension to $123 230
C→D: Retrace into $119 900–$120 300, matching 0.618 BC & ~80% XC Fib
2) Structural & Momentum Breakdown
AB=CD & Fib Confluence: D at $119 900–$120 300 aligns perfectly with both 0.618 BC and ~80% XC retracements.
1H Bullish Order Block: $119 900→$119 750
20-period SMA (mid-BB): ≃$120 100
VRVP High-Volume Node: Centered ≃$120 400
RSI (14): Holding 47–50 on the hour, flattening and poised to curl up
PVT: Flat-to-up on the pullback—sign of absorption
Volume: Contracts into D, then a slight uptick on the last 1 h bar
3) Exact Trade Plan
Entry: $119 400 - $120 300
Stop-Loss: $117 300 - $118 000
Take-Profit 1: $121 800 → $122 200
Take-Profit 2: $123 000 → $123 500
Optional “Hype” TP instead of TP 2: $125 000 → $126 500
(for a parabolic push if the upcoming House vote prints strong headlines — targets at 78.6%–100% BC extensions)
Entry Confirmation (any one):
1 h bullish engulfing or inside bar within entry zone
RSI (14) closes back above 50 on the hourly
PVT prints a higher low with renewed buy-side volume
Daily / 4H Trend:
Still a clear up-trend on the daily & 4-hour: higher highs / higher lows above the 8, 34 & 55 EMA ribbon.
The $120 K–$121 K zone houses the largest Volume-by-Price node in two weeks, now acting as near-term support.
1H Context:
X→A: $106 100 → $118 950 impulsive run
A→B: ~15% pullback into $117 000 (≈0.15 XA)
B→C: 3.06× extension to $123 230
C→D: Retrace into $119 900–$120 300, matching 0.618 BC & ~80% XC Fib
2) Structural & Momentum Breakdown
AB=CD & Fib Confluence: D at $119 900–$120 300 aligns perfectly with both 0.618 BC and ~80% XC retracements.
1H Bullish Order Block: $119 900→$119 750
20-period SMA (mid-BB): ≃$120 100
VRVP High-Volume Node: Centered ≃$120 400
RSI (14): Holding 47–50 on the hour, flattening and poised to curl up
PVT: Flat-to-up on the pullback—sign of absorption
Volume: Contracts into D, then a slight uptick on the last 1 h bar
3) Exact Trade Plan
Entry: $119 400 - $120 300
Stop-Loss: $117 300 - $118 000
Take-Profit 1: $121 800 → $122 200
Take-Profit 2: $123 000 → $123 500
Optional “Hype” TP instead of TP 2: $125 000 → $126 500
(for a parabolic push if the upcoming House vote prints strong headlines — targets at 78.6%–100% BC extensions)
Entry Confirmation (any one):
1 h bullish engulfing or inside bar within entry zone
RSI (14) closes back above 50 on the hourly
PVT prints a higher low with renewed buy-side volume
Trade active
CD leg was deeper retracement than I thought. Double down here and covered short. Set stoploss accordingly. But IM still bullish on BTC for this week.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.