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
97K level emerges as a strong support zone for a long trade setup:
A laddered long position can be placed around97K, with:
Resistance and Short Setup
For the short trade setup, the current price around 106K offers an opportunity:
Support and Long Setup
The
97K 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
97K, 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
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.