$BTC 🔥 SKYROCKET MOMENTUM 🔥 🔥

Chart Overview

Bitcoin is consolidating near its all-time high territory, struggling around the $120K–$122K range. Price action shows tightening swings as it approaches a breakout threshold, with bullish momentum weakening slightly. Long-term momentum remains intact as BTC holds above its 200-day moving average.

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Fibonacci Retracement Setup

Drawing Fibonacci from a swing low around $110K up to the recent high of $123K, the key retracement levels are:

38.2%: ~$117,500

50.0%: ~$116,500

61.8%: ~$115,000

These levels align with support clusters around $115–$117K and may act as critical retest zones if BTC pulls back.

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Trading Strategy

Breakout Long

Trigger: A confirmed daily close above $123K on strong volume.

Targets:

1. $125K

2. $128K–$130K

Stop-Loss: Below $120K.

Retracement Long

Entry Zone: $116K–$117.5K (Fibonacci + support).

Confirmation: Look for bullish candlestick patterns (like a reversal pin bar or engulfing candle).

Targets: $123K → $125–$130K.

Stop-Loss: Below $115K.

Trade Setup Summary

Trade Type Entry / Trigger Targets Stop-Loss

Breakout Long > $123K + volume $125K → $130K <$120K

Retracement Long $116K–$117.5K zone $123K → $130K <$115K

Rejection Short Failed breakout above $123K $117K >$124K

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Final Thoughts

Bitcoin is navigating a critical zone near its latest high. A strong breakout could propel it toward new milestones, while a pullback offers a strategic long opportunity at retracement levels. Validation through volume and price action is key.

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