Trade Setup Major Updates Overview: $BTC
The price has broken above the downtrend line 📉 and reclaimed the 200 SMA 📊, resulting in a Golden Crossover 🌟, which could signal a bullish trend reversal 🔄. The gap from $74K to $90K, formed after the US elections in early November 🇺🇸, has been filled, indicating that these levels are revisiting key price zones 🛠️. We look to buy on retests of the $90K resistance level 💡, with +10% upside potential to $100K 💰.
Pattern: Resistance Breakout : A breakout above resistance signals that buyers have absorbed all supply from sellers 💪, leading to further price movement 📈. The next key resistance target is $100K 🔝.
Trend Analysis:
Short-Term: Strong Up 📈
Medium-Term: Up ⬆️
Long-Term: Down 📉
Momentum:
Bullish but Inflecting: The MACD line remains above the Signal Line 🔑, but the Histogram is declining 📉, suggesting slowing momentum 🌀. RSI is neutral, indicating no overbought or oversold conditions ⚖️.
Support & Resistance:
Support: $75K to $72K 💪, then $60K 💰
Resistance: $94K-$100K 🚀, then $108K
Conclusion:Bullish short-term outlook with potential to reach $100K, but caution is needed due to slowing momentum ⏳. Buy on retests of $90K with a target around $100K 💸.
