BTC: Pullback in Uptrend
Trade setup: Price is in an Uptrend. Price broke above SWB:69K-$70 resistance zone, making yet another new all-time-high (ATH) of $73,780, but failed to hold as investors chose to take some profit. There was also a bearish RSI Divergence as price made a Higher High but RSI made a Lower High, which implies less momentum strength on the most recent upswing. Now we look for the right entry opportunity in Uptrend.
We wait for price to either 1) break back above 70K to signal continuation of uptrend, with +14% upside potential to 79K next, or 2) pull back near
59K support for another swing trade entry in Uptrend with +15% upside potential back to 70K.
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Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish but inflecting. MACD Line is above MACD Signal Line and RSI is above 55 but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance: Nearest Support Zone is 56K -59K, then 50K. The nearest Resistance Zone is SWB:69K - 70K, then 79K.
We wait for price to either 1) break back above 70K to signal continuation of uptrend, with +14% upside potential to 79K next, or 2) pull back near
59K support for another swing trade entry in Uptrend with +15% upside potential back to 70K. The approvals of 10 Bitcoin Spot ETFs are working in BTC’s favor. Wanna know which altcoins will benefit from BTC and ETH rise? Read our research report.
Trend: Uptrend across all time horizons (Short- Medium- and Long-Term).
Momentum is Bullish but inflecting. MACD Line is above MACD Signal Line and RSI is above 55 but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum is weakening.
Support and Resistance: Nearest Support Zone is 56K -
59K, then 50K. The nearest Resistance Zone is SWB:69K - 70K, then 79K.
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