Bitcoin’s Path to $100,000: Analyzing Recent Trends and Trading
Updated
📈BITCOIN JUST HIT $102,000. Yes, you heard it right. After a price correction and the formation of a four-hour range box, it seems that Bitcoin has successfully broken the upper channel. I am Skeptic, and this is my first analytical post on TradingView.
📊Analysis
📍Four-Hour Time Frame:
Bitcoin has recently corrected to the $92,000 level and has broken above the range ceiling at $92,738. The RSI entering the overbought level of 70 confirms the momentum and breakout.
Moving Averages: The three SMA of the previous seven candles is below the four-hour breakout candle, indicating a bullish slope.
🔎Triggers for Long Position
First Trigger: Wait for a pullback to the $99,600 level for a reactive buy or wait for renewed momentum and a breakout above $102,593.
Range Box Strategy: Look for a range box formation and place a stop buy above it. There are numerous strategies available; find one that suits you best. It’s essential to open enough positions to discover what works for you.
Short Position Consideration: If the four-hour candle fails and reverts back to the range box, consider a short position. However, since this goes against the trend, it’s advisable to reduce risk with smaller stops and lower risk/reward ratios.
🧵Additional Notes
Bitcoin Dominance: Keep an eye on BTC.D (Bitcoin Dominance). Currently, Bitcoin seems favorable for opening positions, but if signs of weakness or a downward trend emerge, consider focusing on altcoins. Personally, I am watching BNB and XRP.
Pair Analysis: Monitoring Bitcoin pairs like BNBBTC can provide insights into which coins may outperform or underperform relative to Bitcoin.
Thank you for staying with me until the end of this analysis. I look forward to sharing fresh insights and a new coin with you tomorrow. I believe that growth together can be beneficial for both you and me. Until tomorrow, goodbye!❤️
📊Analysis
- Long-Term Trend: After breaking the resistance area at $72,000, Bitcoin resumed its primary upward trend, achieving significant price growth up to $106,000. The primary trend remains bullish.
- Market Influences: Factors such as decreasing U.S. interest rates, Trump’s presidential candidacy, and the increasing public interest in decentralized financial systems signal potential higher targets for Bitcoin.
- Secondary Correction: The recent correction coincided with Christmas and the holiday season, which may have contributed to the market’s pullback.
- Trading Strategy: As the saying goes, “always trade with the trend.” Trading in the direction of the trend generally leads to higher win rates and better risk/reward ratios.
📍Four-Hour Time Frame:
Bitcoin has recently corrected to the $92,000 level and has broken above the range ceiling at $92,738. The RSI entering the overbought level of 70 confirms the momentum and breakout.
Moving Averages: The three SMA of the previous seven candles is below the four-hour breakout candle, indicating a bullish slope.
🔎Triggers for Long Position
First Trigger: Wait for a pullback to the $99,600 level for a reactive buy or wait for renewed momentum and a breakout above $102,593.
Range Box Strategy: Look for a range box formation and place a stop buy above it. There are numerous strategies available; find one that suits you best. It’s essential to open enough positions to discover what works for you.
Short Position Consideration: If the four-hour candle fails and reverts back to the range box, consider a short position. However, since this goes against the trend, it’s advisable to reduce risk with smaller stops and lower risk/reward ratios.
🧵Additional Notes
Bitcoin Dominance: Keep an eye on BTC.D (Bitcoin Dominance). Currently, Bitcoin seems favorable for opening positions, but if signs of weakness or a downward trend emerge, consider focusing on altcoins. Personally, I am watching BNB and XRP.
Pair Analysis: Monitoring Bitcoin pairs like BNBBTC can provide insights into which coins may outperform or underperform relative to Bitcoin.
Thank you for staying with me until the end of this analysis. I look forward to sharing fresh insights and a new coin with you tomorrow. I believe that growth together can be beneficial for both you and me. Until tomorrow, goodbye!❤️
Order cancelled
As observed, the scenario of a fake breakout occurred, primarily influenced by the U.S. jobs report. The outcome was unexpected, showcasing a stronger-than-anticipated labor market, which led to the strengthening of the U.S. dollar.
some points:
Risk Management: Emphasizing the importance of capital management and setting stop-loss orders due to unpredictable events.
Current Scenario: We are witnessing a continuation of price correction within the four-hour box identified on the chart.
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