BTC/USDT Analysis (Daily Chart)
Current Price: $92,880.24
Bullish Confidence: 70% 🟢🔥
1. Market Structure:
I see that BTC has been on an unstoppable bullish trend since mid-2023. After breaking key resistance levels, the price is challenging the trend line that connects the historical highs of 2021. This trend line is super important, as it could act as a dynamic ceiling if reached. 📈✨
2. Fibonacci Retracements and Extensions:
Taking the historical highs near $69,000 and the lows of 2022, I realize that the 0.618 Fibonacci level ($92,000 - $95,000) has been surpassed. Now, what catches my attention the most is the 1.0 and 1.27 extension at $105,000 - $110,000, where I have my eyes set as a potential exit area. 💥🧮
3. Exit Area:
The $100,000 - $110,000 zone is where I believe many traders will start taking profits. It aligns with the Fibonacci extension and the resistance of the trend line, making it key to watch for possible reversals. 🚧🔴
4. Key Support and Resistance:
Top Resistance: Without a doubt, $100,000 is the most relevant psychological and technical level right now. If BTC manages to surpass it, we could see a surge up to $110,000.
Support Strategy: The $85,000 - $88,000 zone will be my first support point in case of a retracement. If this level is lost, the next refuge would be at $75,000.
5. Volume:
Volume has been my greatest ally in confirming this bullish rally. It has been increasing, which I like to see, but if I notice a declining volume upon reaching $100,000, I might consider a possible reversal or correction. 🔎📊
6. Technical Indicators:
RSI: It feels like the RSI must be touching or exceeding overbought levels (>70). If so, I could expect a breather in price before a continuation.
MACD: A bearish crossover of the MACD near $100,000 would be my alert to consider a correction. ⚠️
Scenarios I Visualize:
Bullish Scenario: If BTC breaks strongly and stays above $100,000, my next target is $110,000, and with good volume, we could go even higher. 🌟🟢
Correction Scenario: If the resistance in the $100,000 - $110,000 zone feels very strong and there is rejection, the correction could take us back to $85,000 and then to $75,000 if support gives way.
My Personal Strategy:
Take Profit 1: $100,000 🏁
Take Profit 2: $110,000 🎯
Stop Loss: $85,000 to protect profits and manage risks. 🚨
BTC continues on an incredible bullish march, but I am very attentive to the $100,000 - $110,000 zone. It's the area where I consider taking profits and assessing whether the trend continues or if it’s time for a breather.
This is not an investment advice, but an analysis and trades that I personally follow.
#Let’sTalkTrading 💬🔥
