Let's dive into the Bitcoin analysis and
major crypto indexes. In this review, as
usual, I'll cover the key futures triggers for
the New York session.
1-Hour Timeframe
As you can see in the 1-hour timeframe,
Bitcoin formed a higher low yesterday and
has now reached the 105087 resistance.
It seems likely that this level will be broken
soon.
* Currently, a candle has closed above 105087, but price hasn't yet confirmed a breakout, and the move hasn't taken off.
For a long position, we can enter once the price confirms a breakout above this level. If 105087 breaks, price could target 106586. The main long position will be opened upon breaking 106586.
- Strong buying volume is a very good
trigger for this setup. RSI entering the
Overbought zone would also provide a powerful momentum confirmation, and price could rise accordingly.
* If the current upward move fails and price falls below the recent low, we can open a short position upon breaking 103899, targeting 101750.