BTCUSD Weekly Technical Review & Strategy Update - Mongoose Capital Trading Desk
Overview:
Bitcoin has continued its strong upward movement, now approaching key resistance zones. The next steps depend on how the asset reacts to these levels.
Key Levels:
Resistance: The $105K–$110K zone remains critical, aligning with the 0.236 Fibonacci retracement and recent highs. A breakout above this level would indicate further bullish momentum.
Support: $90,019 (0.5 Fibonacci retracement) serves as an important support level. A pullback to this area could provide a solid buying opportunity.
Key Buy Zone: $82,728 (0.618 Fibonacci retracement) has acted as a strong support in the past. A retest of this level could offer an optimal entry point for long positions.
Technical Indicators:
RSI (Weekly): The RSI is below 70, indicating room for upside before reaching overbought conditions. The bullish momentum is intact.
MACD: The MACD histogram continues to show widening bullish momentum, supporting the ongoing uptrend.
Volume: Institutional buying pressure remains strong, reinforcing the bullish trend.
Strategic Considerations:
Buy Zone: The $90K–
92K range (0.5 Fibonacci retracement) is a potential entry point if a pullback occurs. Watch for confirmation of support at this level.
Breakout Play: A breakout above $105K would likely lead to a move towards $110K–$115K. Position for continued upside.
Rejection at Resistance: If $105K acts as resistance, a pullback is likely. Monitor for signs of rejection at this level for possible short opportunities.
Long-Term Outlook: The trend remains bullish with higher highs and higher lows, suggesting continued upside potential.
Quantitative Overview:
FlowWave Indicator supports the bullish momentum, showing increasing buy-side conviction.
Conviction Score remains strong, reflecting solid buying pressure and bullish sentiment.
Action Plan:
Primary Buy: Look for entries around $90K–92K with a stop below $85K.
Breakout Play: If Bitcoin breaks $105K, target $110K–$115K.
Short Consideration: If price fails to clear $105K, prepare for short opportunities in case of a pullback.
Conclusion:
BTCUSD remains bullish, but resistance at $105K will dictate the next phase. Focus on breakout plays above resistance or buying the dip at key support levels for optimal positioning.
Overview:
Bitcoin has continued its strong upward movement, now approaching key resistance zones. The next steps depend on how the asset reacts to these levels.
Key Levels:
Resistance: The $105K–$110K zone remains critical, aligning with the 0.236 Fibonacci retracement and recent highs. A breakout above this level would indicate further bullish momentum.
Support: $90,019 (0.5 Fibonacci retracement) serves as an important support level. A pullback to this area could provide a solid buying opportunity.
Key Buy Zone: $82,728 (0.618 Fibonacci retracement) has acted as a strong support in the past. A retest of this level could offer an optimal entry point for long positions.
Technical Indicators:
RSI (Weekly): The RSI is below 70, indicating room for upside before reaching overbought conditions. The bullish momentum is intact.
MACD: The MACD histogram continues to show widening bullish momentum, supporting the ongoing uptrend.
Volume: Institutional buying pressure remains strong, reinforcing the bullish trend.
Strategic Considerations:
Buy Zone: The $90K–
92K range (0.5 Fibonacci retracement) is a potential entry point if a pullback occurs. Watch for confirmation of support at this level.Breakout Play: A breakout above $105K would likely lead to a move towards $110K–$115K. Position for continued upside.
Rejection at Resistance: If $105K acts as resistance, a pullback is likely. Monitor for signs of rejection at this level for possible short opportunities.
Long-Term Outlook: The trend remains bullish with higher highs and higher lows, suggesting continued upside potential.
Quantitative Overview:
FlowWave Indicator supports the bullish momentum, showing increasing buy-side conviction.
Conviction Score remains strong, reflecting solid buying pressure and bullish sentiment.
Action Plan:
Primary Buy: Look for entries around $90K–
92K with a stop below $85K.Breakout Play: If Bitcoin breaks $105K, target $110K–$115K.
Short Consideration: If price fails to clear $105K, prepare for short opportunities in case of a pullback.
Conclusion:
BTCUSD remains bullish, but resistance at $105K will dictate the next phase. Focus on breakout plays above resistance or buying the dip at key support levels for optimal positioning.
TheRealMongoose
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.
TheRealMongoose
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.