Bitcoin TA Alert: Perfect $97K Long Setup Incoming?

Bitcoin remains range-bound between $107K and $100K as we approach the weekend. Let’s break down the current key levels and trade setups based on the data available.

Support and Long Setup

The level emerges as a strong support zone for a long trade setup:

0.618 Fibonacci retracement from the recent swing low to high aligns perfectly at 97K

The POC (Point of Control) from the 70-day trading range also sits at this level, adding confluence

If the price reaches 97K by Sunday or Monday, the trendline support will further strengthen this zone

A laddered long position can be placed around , with:

Stop-loss: Below $93K

Take Profit: around $113K

Risk-to-Reward (R:R): 4:1 - an attractive trade setup

Resistance and Short Setup

For the short trade setup, the current price around $106K offers an opportunity:

Enter a short trade targeting the 97K level

Stop-loss: Above the all-time high (ATH) at $107K

Take Profit (TP): 97K

R:R: 2:1 - reasonable given the tight risk management

Trade closed: target reached

Front ran the level with a solid move

SiDec

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SiDec

🏆 Mastering Fibonacci for precision trading

🔹 Sharing high-probability trade setups

⚡ Unlock the power of technical analysis!