BTC Bottom is in. Long
Updated
Key Levels and Zones:
- Monthly Open (MO): 64,601.8 USDT
- Potential Resistance Level: 73,910.8 USDT (Upper bound of the blue shaded area)
- Support Zone: Between ~48,000 USDT and ~51,000 USDT
- Fair Value Gap/Mitigation (FVG/M): ~51,149.8 USDT (noted within the blue shaded area)
- Previous Swing Low (Support): ~48,000 USDT
- Previous Swing High (Resistance): ~58,286.9 USDT
Trade Setup Explanation:
1. **Current Price Action:** BTCUSDT is currently trading at 51,889.9 USDT, experiencing a strong bearish move after failing to sustain above the key resistance levels.
2. **Support Zone:** The price has entered a significant support zone ranging from ~48,000 to ~51,000 USDT. This area has historically shown buying interest and could potentially act as a demand zone again.
3. **Fair Value Gap (FVG/M):** There's an identified FVG around ~51,149.8 USDT, which may act as a point of interest for institutional buying, aligning with the support zone.
4. **Potential Bullish Reversal:** Considering the heavy sell-off into a key support zone, we anticipate a possible bullish reversal if the price action shows a bullish structure or a significant bounce from the current levels.
Trade Plan:
- Entry Zone: Enter long positions within the support zone between ~48,000 to ~51,000 USDT.
- Stop Loss: Set a stop loss just below the lower boundary of the support zone at approximately 47,500 USDT to protect against a deeper correction.
- Take Profit Targets:
- First Target (TP1): 58,000 USDT (Previous swing high level)
- Second Target (TP2): 64,601.8 USDT (Monthly Open level)
- Final Target (TP3): 73,910.8 USDT (Upper boundary of the blue shaded resistance zone)
Trade Rationale:
The trade setup is based on the expectation of a bullish reversal from a historically strong support zone combined with a potential fair value gap filling. The sharp sell-off provides a favorable risk-reward ratio for a long position as the market seeks equilibrium.
- Monthly Open (MO): 64,601.8 USDT
- Potential Resistance Level: 73,910.8 USDT (Upper bound of the blue shaded area)
- Support Zone: Between ~48,000 USDT and ~51,000 USDT
- Fair Value Gap/Mitigation (FVG/M): ~51,149.8 USDT (noted within the blue shaded area)
- Previous Swing Low (Support): ~48,000 USDT
- Previous Swing High (Resistance): ~58,286.9 USDT
Trade Setup Explanation:
1. **Current Price Action:** BTCUSDT is currently trading at 51,889.9 USDT, experiencing a strong bearish move after failing to sustain above the key resistance levels.
2. **Support Zone:** The price has entered a significant support zone ranging from ~48,000 to ~51,000 USDT. This area has historically shown buying interest and could potentially act as a demand zone again.
3. **Fair Value Gap (FVG/M):** There's an identified FVG around ~51,149.8 USDT, which may act as a point of interest for institutional buying, aligning with the support zone.
4. **Potential Bullish Reversal:** Considering the heavy sell-off into a key support zone, we anticipate a possible bullish reversal if the price action shows a bullish structure or a significant bounce from the current levels.
Trade Plan:
- Entry Zone: Enter long positions within the support zone between ~48,000 to ~51,000 USDT.
- Stop Loss: Set a stop loss just below the lower boundary of the support zone at approximately 47,500 USDT to protect against a deeper correction.
- Take Profit Targets:
- First Target (TP1): 58,000 USDT (Previous swing high level)
- Second Target (TP2): 64,601.8 USDT (Monthly Open level)
- Final Target (TP3): 73,910.8 USDT (Upper boundary of the blue shaded resistance zone)
Trade Rationale:
The trade setup is based on the expectation of a bullish reversal from a historically strong support zone combined with a potential fair value gap filling. The sharp sell-off provides a favorable risk-reward ratio for a long position as the market seeks equilibrium.
Comment
BTC just went up by 15% today
Trade closed manually
Trade is Closed !
New Idea:
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