Analysis & Thought Process:
Bitcoin is currently at a critical juncture on the weekly timeframe. Having observed recent bullish momentum, the price now faces resistance around the 95,900–96,700 range. If BTC manages to clearly reverse from this resistance area, it could propel upwards to test psychological resistance at the significant 100K level within the coming days.
However, careful analysis indicates the presence of a Fair Value Gap (FVG) between 89–90K. Such imbalances in price action typically attract price retracements to achieve market efficiency. Thus, I anticipate a correction back down to the 89–90K area, which would represent an ideal zone to consider a long swing position.
Trade Idea:
Short-term bearish scenario: Look to short from current resistance levels (around 95,900–96,700) targeting the 89–90K FVG area.
Long swing setup: If BTC retraces and holds the 89–90K region, it presents an attractive area for swing long entries aiming back towards and beyond current resistance areas.
PLAN NOT VALID IF
If the price fails to hold 89K, the next logical areas to watch for support are lower down at the 82–78K range, followed by a deeper pullback potentially extending towards 74K.
Profit Targets & Stop Losses:
Short trade: Entry around 95,900–96,700, profit target at 89–90K, stop loss set slightly above the resistance (e.g., 97.5K).
Long trade: Entry at 89–90K, profit targets initially back to 96–100K. Stop loss placed just below the 88K area.
This analysis is for informational purposes only and does not constitute financial advice. Please perform your own due analyse before entering any trades.
Bitcoin is currently at a critical juncture on the weekly timeframe. Having observed recent bullish momentum, the price now faces resistance around the 95,900–96,700 range. If BTC manages to clearly reverse from this resistance area, it could propel upwards to test psychological resistance at the significant 100K level within the coming days.
However, careful analysis indicates the presence of a Fair Value Gap (FVG) between 89–90K. Such imbalances in price action typically attract price retracements to achieve market efficiency. Thus, I anticipate a correction back down to the 89–90K area, which would represent an ideal zone to consider a long swing position.
Trade Idea:
Short-term bearish scenario: Look to short from current resistance levels (around 95,900–96,700) targeting the 89–90K FVG area.
Long swing setup: If BTC retraces and holds the 89–90K region, it presents an attractive area for swing long entries aiming back towards and beyond current resistance areas.
PLAN NOT VALID IF
If the price fails to hold 89K, the next logical areas to watch for support are lower down at the 82–78K range, followed by a deeper pullback potentially extending towards 74K.
Profit Targets & Stop Losses:
Short trade: Entry around 95,900–96,700, profit target at 89–90K, stop loss set slightly above the resistance (e.g., 97.5K).
Long trade: Entry at 89–90K, profit targets initially back to 96–100K. Stop loss placed just below the 88K area.
This analysis is for informational purposes only and does not constitute financial advice. Please perform your own due analyse before entering any trades.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.