📈 Trading Tip – Long Position on Bitcoin (BTC)
As of today, Bitcoin is trading around $117,395, after retreating from an intraday high of $120,196. The price action follows a recent rally toward $123,000, followed by a healthy correction to the $116,000 area.
Technical Overview:
• The resistance zone at $119,000–$120,000 has been broken and could now act as future support.
• A potential inverse head and shoulders pattern is forming, suggesting a breakout toward the $160,000 level, if the support at $114,000–$115,000 holds.
• On the 4-hour chart: MACD is showing a renewed bullish crossover, and RSI is rising steadily without entering the overbought zone — both supporting further upside toward $125,000–$130,000.
🔹 Suggested Entry: Between $117,000 – $118,000, ideally after confirmation of support near the previous breakout zone.
🔹 Target 1 (TP1): $125,000
🔹 Target 2 (TP2): $130,000–$135,000 (depending on momentum continuation)
🔹 Stop Loss (SL): A confirmed break below $115,000 (preferably on the daily close or with strong sell pressure)
⚙️ Risk Management: Do not risk more than 2–3% of your total capital on this trade.
📅 Watchlist Note: Keep an eye on major economic data (e.g., U.S. CPI or Fed announcements) as they can heavily affect market liquidity and volatility.
As of today, Bitcoin is trading around $117,395, after retreating from an intraday high of $120,196. The price action follows a recent rally toward $123,000, followed by a healthy correction to the $116,000 area.
Technical Overview:
• The resistance zone at $119,000–$120,000 has been broken and could now act as future support.
• A potential inverse head and shoulders pattern is forming, suggesting a breakout toward the $160,000 level, if the support at $114,000–$115,000 holds.
• On the 4-hour chart: MACD is showing a renewed bullish crossover, and RSI is rising steadily without entering the overbought zone — both supporting further upside toward $125,000–$130,000.
🔹 Suggested Entry: Between $117,000 – $118,000, ideally after confirmation of support near the previous breakout zone.
🔹 Target 1 (TP1): $125,000
🔹 Target 2 (TP2): $130,000–$135,000 (depending on momentum continuation)
🔹 Stop Loss (SL): A confirmed break below $115,000 (preferably on the daily close or with strong sell pressure)
⚙️ Risk Management: Do not risk more than 2–3% of your total capital on this trade.
📅 Watchlist Note: Keep an eye on major economic data (e.g., U.S. CPI or Fed announcements) as they can heavily affect market liquidity and volatility.
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.