Congratulations đ $BTC make new " ATH "
It's fake breakout or not?đ
According to my research;
Bitcoin has broken its previous all-time high (ATH) and is now showing strong bullish momentum, as indicated by the large bullish candlestick and volume spike in the chart . Letâs analyze this step by step:
Key Observations:
1. New ATH: Bitcoin has broken above the previous ATH, confirming a Break of Structure (BOS) to the upside.
2. Volume Confirmation: The breakout is supported by high volume, indicating strong buyer interest.
3. Price Action: The price sharply moved past $100,000, suggesting strong momentum.
Possible Next Move:
Bullish Scenario:
After breaking the ATH, Bitcoin could continue its rally with minimal retracement if buying pressure remains strong.
The next target could be based on Fibonacci extensions or psychological levels like $105,000 and $110,000.
Bearish Scenario:
Bitcoin might retrace to retest the breakout level around $100,000 or the demand zone near $96,000 to confirm support before resuming its uptrend.
Support and Resistance Levels:
Immediate Resistance:
$105,000 (psychological level).
$110,000 (round number and likely a profit-taking zone).
Immediate Support:
$100,000 (previous resistance, now turned support).
$96,000 (visible demand zone in the chart, supported by previous consolidations).
Technical Analysis:
1. CHoCH Formation: A Change of Character (CHoCH) occurred before the breakout, indicating a transition from bearish to bullish momentum.
2. Demand Zone: The blue zone around $94,000â$96,000 marks a strong accumulation area, which could act as a fallback support in case of a deeper retracement.
3. Volume Analysis: The spike in volume suggests institutional or large-scale buying, which often drives price discovery beyond ATH levels.
Trade Setup Ideas:
1. Long Position:
Enter on a retest of $100,000 or the $96,000 demand zone.
Stop Loss (SL): Below $96,000.
Take Profit (TP): $105,000 and $110,000.
2. Cautious Approach:
Wait for consolidation or pullback to validate the breakout before entering a long trade.
Monitor for potential bearish divergence in RSI or volume exhaustion.
- Check now...đ$BTC đ
- According to me; this is fake breakout Let's see.....
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