BTC Correction Nearing Key Support – What’s Next?
Bitcoin has been in a corrective phase over the past two days, retracing from recent highs and approaching critical support levels. Let’s break down the current market structure and identify potential trade opportunities based on confluences from multiple technical indicators.
Key Support and Resistance Levels:
1. ) Golden Pocket Zone – $95,535 to $94,994
2.) Deeper Support – 0.786 Fib, Monthly Order Block, and Yearly Open (~$93,576)
Here, we see confluence with:
3.) Next Major Support if Yearly Open Fails – $88,000 to $86,000 (Swing Low & Weekly Support Zone)
4.) Resistance Levels – Open Price and Psychological Barrier at 100K
Trade Setups Based on Current Structure:
1.) Long Trade Setup – Golden Pocket Zone ($95,535 - $94,994)
2.) Deeper Long Setup – If 0.618 Fib Fails ($93,576 - Yearly Open Zone)
3.) Alternative Long Setup – If Yearly Open Breaks (
88K - 86K Zone)
Final Thoughts:
Bitcoin’s current structure suggests a healthy correction within a larger uptrend. The golden pocket ($95,535 - $94,994) remains a key level for potential long entries, while a failure to hold here could see price testing the $93,576 region. However, if price drops below the yearly open and confirms bearish momentum, the next major buying opportunity lies at the Swing Low or Weekly Support Zone at $88,000 - $86,000.
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Key Support and Resistance Levels:
1. ) Golden Pocket Zone – $95,535 to $94,994
- The 0.618 Fibonacci retracement is a widely recognised level where strong reactions often occur.
- This level aligns with a previous consolidation zone, making it a key demand area for potential long entries.
- A bounce from here could indicate that bulls are regaining strength.
2.) Deeper Support – 0.786 Fib, Monthly Order Block, and Yearly Open (~$93,576)
- If the golden pocket fails, the next key area of interest is around $93,576.
Here, we see confluence with:
- The 0.786 Fibonacci retracement, often the last strong retracement before a reversal.
- A monthly order block, which has previously acted as a strong support area.
- The yearly open, a crucial psychological and technical level that often holds significance throughout the year.
3.) Next Major Support if Yearly Open Fails – $88,000 to $86,000 (Swing Low & Weekly Support Zone)
- If price drops below the yearly open with confirmation of bearish momentum, I would look for the next buying opportunity at the swing low or weekly support zone, highlighted in the yellow box around $88,000 to $86,000.
- This area holds strong confluence as a higher timeframe support level, making it an attractive zone for potential accumulation.
4.) Resistance Levels – Open Price and Psychological Barrier at 100K
- $97,700 – This is the weekly open resistance level. If BTC struggles to reclaim this level, it could indicate further downside.
- 100K – A major psychological resistance where sellers could step in. Breaking and holding above this level would be a strong bullish signal.
Trade Setups Based on Current Structure:
1.) Long Trade Setup – Golden Pocket Zone ($95,535 - $94,994)
- Entry: Between $95,535 and $94,994 (Golden Pocket Zone)
- Stop Loss: Below $93,500 to protect against further downside
- Take Profit 1: $97,700 (weekly open resistance)
- Take Profit 2: 100K (psychological resistance)
2.) Deeper Long Setup – If 0.618 Fib Fails ($93,576 - Yearly Open Zone)
- Entry: Around $93,576 (0.786 Fib + Monthly Order Block + Yearly Open)
- Stop Loss: Below $92,000
- Take Profit 1: $97,700
- Take Profit 2: 100K
3.) Alternative Long Setup – If Yearly Open Breaks (
88K - 86K Zone)- Entry: Around $88,000 to $86,000 (Weekly Support Zone)
- Stop Loss: Below $85,000
- Take Profit 1: $93,500 (yearly open retest)
- Take Profit 2: 100K
Final Thoughts:
Bitcoin’s current structure suggests a healthy correction within a larger uptrend. The golden pocket ($95,535 - $94,994) remains a key level for potential long entries, while a failure to hold here could see price testing the $93,576 region. However, if price drops below the yearly open and confirms bearish momentum, the next major buying opportunity lies at the Swing Low or Weekly Support Zone at $88,000 - $86,000.
New Free Indicator – Multi Timeframe 8x MA Support Resistance Zones
I’ve just released a free indicator called Multi Timeframe 8x MA Support Resistance Zones, which is now live and ready to use! This indicator provides dynamic support and resistance zones based on multiple moving averages across different timeframes, helping you identify key areas for potential trade setups with better precision.
Feel free to check it out, give it a try, and let me know your feedback! 🚀
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.