Bitcoin Purchase Program!!
Trading Plan:
1. Shorts:
• Entry: CMP
• Stop Loss: Tight SL for 1:3 risk-reward.
2. Fresh Buys:
• Entry Zone: $91,658 to $91,091.
• Avoid initiating buys above this zone to ensure optimal positioning.
Bitcoin looks promising as both retail and institutional players hold onto their profits. If BTC had reached 100K, it could have triggered liquidations worth approximately $2 billion, but that scenario didn’t unfold.
What’s worth noting here is the SMA that previously acted as support around the 67K
level. Historically, SMAs don’t always provide pinpoint resistance or support. Instead, they can often dip slightly before reclaiming their role as support. Buffer zones are crucial when relying on SMA levels.
Key Observations:
• BTC Outlook: Currently, BTC appears slightly weak, with potential movement toward the SMA level of $92,490 (previously $91,658 as of December 2, 2024).
• TPO Zone: Watch for a TPO zone between $91,658 and $91,091, which represents a strong area for fresh buying opportunities.
• Short Setup: Shorts can be initiated at the current market price (CMP) with a risk-reward ratio of 1:3, provided a proper stop-loss is maintained.
1. Shorts:
• Entry: CMP
• Stop Loss: Tight SL for 1:3 risk-reward.
2. Fresh Buys:
• Entry Zone: $91,658 to $91,091.
• Avoid initiating buys above this zone to ensure optimal positioning.
Bitcoin looks promising as both retail and institutional players hold onto their profits. If BTC had reached 100K, it could have triggered liquidations worth approximately $2 billion, but that scenario didn’t unfold.
What’s worth noting here is the SMA that previously acted as support around the 67K
level. Historically, SMAs don’t always provide pinpoint resistance or support. Instead, they can often dip slightly before reclaiming their role as support. Buffer zones are crucial when relying on SMA levels.
Key Observations:
• BTC Outlook: Currently, BTC appears slightly weak, with potential movement toward the SMA level of $92,490 (previously $91,658 as of December 2, 2024).
• TPO Zone: Watch for a TPO zone between $91,658 and $91,091, which represents a strong area for fresh buying opportunities.
• Short Setup: Shorts can be initiated at the current market price (CMP) with a risk-reward ratio of 1:3, provided a proper stop-loss is maintained.
Disclaimer
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