🟢🚀 Bullish Setup Aiming for 76K zone
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➡️Asset: Bitcoin (BTC/USD) 💰
➡️Pattern: Bullish Pennant 📈
➡️📊 Trade Setup:
➖Entry Point: After confirmation of breakout above $62,000.
➖Buy Back Zone: $60,079 - $61,324💸.
➡️📈 Technical Indicators:
➖RSI (Relative Strength Index):
- Current RSI is neutral, showing potential for upward movement ⬆️.
- A breakout should be confirmed if RSI moves above 70🔥, indicating strong bullish momentum.
- Watch for RSI staying above 50 during the trade.
➖MACD (Moving Average Convergence Divergence):
- MACD line crossing above the signal line 📊 indicates the start of bullish momentum.
- Look for MACD histogram bars expanding above zero, confirming upward strength 💪.
➡️🎯 Targets (TP):
➖TP1: $69,487(Immediate setup target) 🎯
➖TP2: $76,692 (Final Pole Target) 🏁
➡️🛡️ Stop Loss (SL):
➖SL: $55,883 (below recent swing low and buy-back zone) ⚠️.
➡️🧠 Strategy:
1️⃣Entry: Confirm a breakout above $62,000 with a bullish MACD crossover and RSI moving into overbought territory 🔥.
2️⃣Take partial profits at $69,487 once immediate target is achieved 💼.
3️⃣Trail stop loss for continued safety as targets are hit 🛡️.
➡️📉 Chart Pattern Explanation:
The bullish pennant pattern suggests an upward continuation, while RSI and MACD confirm the strength of the breakout and potential overbought conditions during the trade 💥.
👉🏻Disclaimer: DYOR and NFA
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