Namaskar LuckySevenTrader Community:


On the Daily timeframe for #Bitcoin❗ , we’ve observed some fascinating price action since it reached an all-time high on March 14, 2024. Following that high, Bitcoin experienced significant selling pressure, leading to a series of lower highs and lower lows, eventually forming a classic triangle pattern with a swing low of $49,000 in August 2024. Over time, the price approached the triangle’s upper boundary, marked by a descending trendline that Bitcoin has struggled to break through, facing rejection at least six times. These rejections, highlighted by red circles in the chart, demonstrate a powerful resistance zone.

However, on October 15, 2024, #bitcoin☀️ broke out above this major descending trendline on the seventh attempt, a move suggesting a potential bullish reversal. Following this breakout, Bitcoin retested the upper boundary of the triangle, which held as a support level and led to a strong 10% price rally. Given this breakout and subsequent support hold, Bitcoin appears positioned for a potential upward trajectory.

Looking at the broader picture, if Bitcoin’s price factors remain favorable, we could see a substantial price increase within the next 3 to 6 months, potentially pushing Bitcoin toward the $100,000 mark, a 50% rise from current levels. Based on technical analysis, here’s my suggested trading plan for those interested in going long:

  • Entry Point: $66,718

  • Stop Loss: $63,314 (placed just below key support to protect your trade)

  • Take Profit: $100,000

This setup presents a strong risk-to-reward ratio of 1:10, meaning it holds potential for a significant upside. But remember, this is solely technical analysis—Bitcoin’s price is influenced by numerous factors, and it’s essential to conduct your own analysis as well. Always protect your trades with a stop loss, especially if Bitcoin drops below $63,000 and closes below that level, which would invalidate this setup.

In my view, Bitcoin is poised for an impressive move toward $100,000 soon, so stay tuned and manage your risk wisely.

#LuckySevenTrader #BTCETFDemandSurge #CryptoPreUSElection
$BTC