Bitcoin has successfully defended the $84K-$86K support zone, with the CME gap now fully closed. On the daily timeframe, BTC remains above the 200MA, signaling strong bullish momentum. With macroeconomic factors aligning in favor of crypto, this could be the start of another leg higher.
Technical Analysis:
• Support Zone: $84K - $86K held firm, preventing further downside.
• CME Gap Closure: The retracement completed the necessary gap-fill, eliminating inefficiencies.
• Trend Reversal Signal: BTC has reclaimed the 200MA on the daily chart, reinforcing bullish sentiment.
• Breakout Watch: Price is approaching a descending trendline, a breakout above could trigger a strong move toward the $110K target.
Fundamental Analysis:
• Bitcoin ETF Impact: Institutional demand continues to grow with ETF adoption.
• Macroeconomic Tailwinds: The Fed’s expected slowdown in rate hikes is a net positive for risk assets like BTC.
• Geopolitical Factors: Increased demand for BTC as a hedge against economic instability and inflation.
• Regulatory Developments: A more constructive approach from regulators supports long-term adoption.
With bullish momentum building, Bitcoin is at a key inflection point. Will it break out and push towards new highs? Stay tuned and trade wisely!
Note: Please remember to adjust this trade idea according to your individual trading conditions, including position size, broker-specific price variations, and any relevant external factors. Every trader’s situation is unique, so it’s crucial to tailor your approach to your own risk tolerance and market environment.
Technical Analysis:
• Support Zone: $84K - $86K held firm, preventing further downside.
• CME Gap Closure: The retracement completed the necessary gap-fill, eliminating inefficiencies.
• Trend Reversal Signal: BTC has reclaimed the 200MA on the daily chart, reinforcing bullish sentiment.
• Breakout Watch: Price is approaching a descending trendline, a breakout above could trigger a strong move toward the $110K target.
Fundamental Analysis:
• Bitcoin ETF Impact: Institutional demand continues to grow with ETF adoption.
• Macroeconomic Tailwinds: The Fed’s expected slowdown in rate hikes is a net positive for risk assets like BTC.
• Geopolitical Factors: Increased demand for BTC as a hedge against economic instability and inflation.
• Regulatory Developments: A more constructive approach from regulators supports long-term adoption.
With bullish momentum building, Bitcoin is at a key inflection point. Will it break out and push towards new highs? Stay tuned and trade wisely!
Note: Please remember to adjust this trade idea according to your individual trading conditions, including position size, broker-specific price variations, and any relevant external factors. Every trader’s situation is unique, so it’s crucial to tailor your approach to your own risk tolerance and market environment.
Note
BTC is now sitting 3% in profit, slightly above my entry. On the daily timeframe, price has successfully reclaimed the Fibcloud, which had been acting as dynamic resistance. That’s a strong sign of short-term momentum.Currently, BTC is testing the 4H confluence zone between 87.2K and 88K, a level that aligns with the 50 & 200 MAs. If price can sustain above 88K and flip this resistance into support, we could see continuation toward the upper trendline or even fresh highs later this week.
Momentum is building, but I’ll be watching this area closely—rejection could mean we revisit lower support zones before any continuation.
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.