📊 Bitcoin in Mid-Term Uptrend, But Consolidating in Short-Term Range
Bitcoin remains in a mid- and long-term uptrend, clearly shown by the white trendline on the chart. However, in the short-term, the price is consolidating inside a sideways range (highlighted in red).
If price bounces from current levels and starts pushing upward, it would confirm a higher low above the range support at $101,429, which increases the probability of an upside breakout. Otherwise, we could see another test of the range bottom.
The levels at $103,884 (support) and $106,258 (resistance) are not particularly strong, but can still be used for aggressive pre-breakout trades. Personally, I won’t enter trades at these levels just yet — I’d like to see more interaction and confirmation.
⚠️ Note:
Breakouts from this range are likely to be sharp and impulsive, regardless of direction.
For short setups, you could either wait for a breakdown of $103,884, or use a sell-stop below $101,429 — but I’m not taking shorts, as the overall trend remains bullish on higher timeframes.
On the long side, I won’t enter on a break of $106,258 unless we see a fakeout below $103,884, which would increase the probability of a successful long breakout.
Bitcoin remains in a mid- and long-term uptrend, clearly shown by the white trendline on the chart. However, in the short-term, the price is consolidating inside a sideways range (highlighted in red).
If price bounces from current levels and starts pushing upward, it would confirm a higher low above the range support at $101,429, which increases the probability of an upside breakout. Otherwise, we could see another test of the range bottom.
The levels at $103,884 (support) and $106,258 (resistance) are not particularly strong, but can still be used for aggressive pre-breakout trades. Personally, I won’t enter trades at these levels just yet — I’d like to see more interaction and confirmation.
⚠️ Note:
Breakouts from this range are likely to be sharp and impulsive, regardless of direction.
For short setups, you could either wait for a breakdown of $103,884, or use a sell-stop below $101,429 — but I’m not taking shorts, as the overall trend remains bullish on higher timeframes.
On the long side, I won’t enter on a break of $106,258 unless we see a fakeout below $103,884, which would increase the probability of a successful long breakout.
Trade active
"Considering the higher lows it's forming on the 1-hour timeframe, you can enter a long position with low risk after a candle closes above 106104.43, with a stop at 104809."
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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.
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.