Bitcoin Eyes Breakout if Clears $114,000📊 Market Overview:
• Bitcoin trades around $109,350, with an intraday high near $109,610
• Rosenberg Research notes BTC could rally ~6% to clear $114,000, potentially triggering a 25% rise to $143,000 on the back of ETF inflows, a weaker dollar, and Fed rate cut expectations
📉 Technical Analysis:
•Key Resistance: ~$114,000; followed by the psychological $112,000 zone .
•Nearest Support: $107,000 (prior highs/descending channel bottom) and key floor at $100,000
•EMA Levels:
o Price consolidates near 50-day EMA ($105,800), a crucial confluence zone
•Candlestick/Momentum:
o RSI near 50 (neutral),
o Flag pattern breakout suggests continuation potential
📌 Viewpoint:
Bitcoin may extend its rally if it breaks above $114,000, targeting $137,000–$143,000. If rejected, a pullback toward $107,000 is likely before bouncing.
💡 Suggested Trading Strategy
SELL BTC/USD at: $113,500–$114,000
🎯 TP: $110,000–$110,500
❌ SL: $114,500
BUY BTC/USD at: $107,000–$108,000
🎯 TP: $112,000–$113,000
❌ SL: $106,000
