Let's dive deep into the charts and recent news to shape a short-term trade setup for Bitcoin and Ethereum. My analysis has combined a review of recent CPI‐driven retracements along with technical tools such as MACD, RSI, and key support/resistance levels from multiple sources
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Bitcoin (BTC) Trade Setup
Recent Context:
Recent news noted that Bitcoin experienced a slight dip after CPI data and is currently consolidating inside a well-defined ascending channel. Despite a bearish crossover lingering on the MACD, the histogram is flattening and the RSI remains around 55. This suggests that while momentum has eased, there isn’t an immediate sign of deeper weakness provided support levels hold.
Technical Setup:
Key Support: Approximately $103,000
- Key Resistance: Around $111,000
Trade Details:
- Entry Price: Look to initiate near $105,000 as price regains footing after a minor pullback to support.
- Stop Loss: Place a stop loss around $102,800—safely below the support zone—to protect against a breakdown.
- Target: Aim for at least $111,000, near the upper boundary of the current channel.
- Confidence Level: 7.5/10
- Rationale: The structure remains bullish if support is held. Technical signals (MACD and RSI) suggest room for a short-term rebound while keeping risk in check.
