đąđ Bullish Setup Aiming for 76K zone
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âĄïžAsset: Bitcoin (BTC/USD) đ°
âĄïžPattern: Bullish Pennant đ
âĄïžđ Trade Setup:
âEntry Point: After confirmation of breakout above $62,000.
âBuy Back Zone: $60,079 - $61,324đž.
âĄïžđ Technical Indicators:
âRSI (Relative Strength Index):
- Current RSI is neutral, showing potential for upward movement âŹïž.
- A breakout should be confirmed if RSI moves above 70đ„, indicating strong bullish momentum.
- Watch for RSI staying above 50 during the trade.
âMACD (Moving Average Convergence Divergence):
- MACD line crossing above the signal line đ indicates the start of bullish momentum.
- Look for MACD histogram bars expanding above zero, confirming upward strength đȘ.
âĄïžđŻ Targets (TP):
âTP1: $69,487(Immediate setup target) đŻ
âTP2: $76,692 (Final Pole Target) đ
âĄïžđĄïž Stop Loss (SL):
âSL: $55,883 (below recent swing low and buy-back zone) â ïž.
âĄïžđ§ Strategy:
1ïžâŁEntry: Confirm a breakout above $62,000 with a bullish MACD crossover and RSI moving into overbought territory đ„.
2ïžâŁTake partial profits at $69,487 once immediate target is achieved đŒ.
3ïžâŁTrail stop loss for continued safety as targets are hit đĄïž.
âĄïžđ 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 đ„.
đđ»Disclaimer: DYOR and NFA
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