Hello, Binance Square family! 👋
Bitcoin (BTC) is presenting a potential long entry opportunity between $104,700 and $105,100, based on a sweep of the previous day's low (PDL) and interaction with a 4-hour order block (OB). Let's delve into the technical analysis to understand this setup.
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📊 Current Market Snapshot
Current Price: $105,693
24h Change: +0.00406%
Intraday High: $106,809
Intraday Low: $105,244
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🔍 Technical Overview
🔹 Entry Zone: $104,700 – $105,100
This zone aligns with a 4-hour order block, suggesting potential institutional interest.
🔹 PDL Sweep
A sweep of the previous day's low can indicate a liquidity grab, often preceding a bullish reversal.
🔹 Fibonacci Level
The 78.6% Fibonacci retracement level within this zone adds confluence to the potential support area.
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✅ Trade Setup
Entry: Between $104,700 and $105,100
Stop Loss: Below $104,000
Take Profit Targets:
First Target: $106,500
Second Target: $108,000
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⚠️ Risk Management
Confirmation: Wait for bullish candlestick patterns or lower timeframe confirmations before entering.
Position Sizing: Ensure appropriate position sizing to manage risk effectively.
Market Awareness: Stay updated with macroeconomic events that could impact Bitcoin's price movement.
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📌 Final Thoughts
This setup offers a favorable risk-to-reward ratio, especially if the price reacts positively within the identified zone. However, always exercise caution and adhere to your trading plan.
Happy trading, and stay safe! 🚀📈
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*Disclaimer: This analysis is for informational purposes only and does not constitute financial advice. Always conduct your own research and consult with a financial advisor before making investment decisions.*
