Market Context:
Bitcoin is currently in a retracement phase after rejecting from the local high near 111,900. Despite the short-term pullback, the broader structure remains bullish. This setup is based on a retracement into a key support zone, offering a potential entry for the next leg up.
Setup Idea:
Price is pulling back into a confluence area that includes:
The 0.5 Fibonacci retracement at 105,454
Previous structure support
A retest of the broken diagonal trendline
This zone is expected to act as demand, providing a favorable long entry opportunity.
Trade Plan:
Entry zone: Around 105,400
Stop loss: Below 104,100 (beneath structure and fib zone)
Target: Retest of the previous high near 111,890
Risk/Reward: High R potential with clearly defined invalidation
Notes:
If price breaks below 105,000 and fails to show buying strength, the setup becomes weaker. A decisive break below 103,900 invalidates the trade idea. Wait for bullish confirmation (e.g. higher low or volume reaction) in the entry zone before committing.
This is a clean, structured opportunity aligned with the prevailing trend. Patience and confirmation are key.
Bitcoin is currently in a retracement phase after rejecting from the local high near 111,900. Despite the short-term pullback, the broader structure remains bullish. This setup is based on a retracement into a key support zone, offering a potential entry for the next leg up.
Setup Idea:
Price is pulling back into a confluence area that includes:
The 0.5 Fibonacci retracement at 105,454
Previous structure support
A retest of the broken diagonal trendline
This zone is expected to act as demand, providing a favorable long entry opportunity.
Trade Plan:
Entry zone: Around 105,400
Stop loss: Below 104,100 (beneath structure and fib zone)
Target: Retest of the previous high near 111,890
Risk/Reward: High R potential with clearly defined invalidation
Notes:
If price breaks below 105,000 and fails to show buying strength, the setup becomes weaker. A decisive break below 103,900 invalidates the trade idea. Wait for bullish confirmation (e.g. higher low or volume reaction) in the entry zone before committing.
This is a clean, structured opportunity aligned with the prevailing trend. Patience and confirmation are key.
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.