Bitcoin / TetherUSShort
Bitcoin's Next Move: Weekend Trade Opportunities!
Updated
Bitcoin has enjoyed an impressive rally over the past four days, but as we approach the weekend, price action is encountering some resistance levels, presenting potential short opportunities.
Resistance Zone and Short Setup:
The resistance zone lies between $104,464 (Fib 0.786 and Weekly Level) and $106,176 (Fib 0.886 and Daily Level). This range offers a low-risk shorting opportunity with clearly defined targets.
1.) Short Entry #1: Weekly Level at $104,464 (Fib 0.786)
2.) Short Entry #2: Daily Level at $106,176 (Fib 0.886)
Support Zone and Long Setup:
The support zone lies between $101,058 (Fib 0.618 of Current Wave) and $99,521 (Fib 0.382 of Entire Wave). Within this range, a laddered long position can be constructed for a high-probability trade setup.
Confluences for Support Zone:
Resistance Zone and Short Setup:
The resistance zone lies between $104,464 (Fib 0.786 and Weekly Level) and $106,176 (Fib 0.886 and Daily Level). This range offers a low-risk shorting opportunity with clearly defined targets.
1.) Short Entry #1: Weekly Level at $104,464 (Fib 0.786)
- Stop Loss: Above $107,000
- Take Profit: Around $101,000 - $100,000 (Psychological Level)
- Risk-Reward (R:R): ~1:1
2.) Short Entry #2: Daily Level at $106,176 (Fib 0.886)
- Stop Loss: Above $107,000
- Take Profit: Around $101,000 - $100,000 (Psychological Level)
- Risk-Reward (R:R): ~4:1
Support Zone and Long Setup:
The support zone lies between $101,058 (Fib 0.618 of Current Wave) and $99,521 (Fib 0.382 of Entire Wave). Within this range, a laddered long position can be constructed for a high-probability trade setup.
- Long Entry: Between $101,058 and $99,521
- Stop Loss: Below $98,500
- Take Profit: Around $103,000
- Risk-Reward (R:R): ~2:1
Confluences for Support Zone:
- Anchored VWAP: Projected support around 100K, reinforcing the psychological significance of this level.
- Psychological Level: 100K
- Fib Retracement: 0.618 + 0.382
- Fib Speed Fan (0.5): The speed fan aligns with support near 100K, depending on timing.
- Value Area High (VAH): The VAH of the range strengthens the case for the support zone and long setup.
Trade closed manually
Short trade closed at current price.
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