🚀 BITCOIN BREAKOUT ALERT: Will $104,550 Be the Next Target? $BTC
$BTC (Technical Analysis Breakdown)
🔑 Key Levels to Watch:
- Support Zone: Retesting the previous resistance (now flipped support) near $61,000–$63,000 (exact zone depends on your chart’s timeframe).
- Target: $104,550 – Measured using Fibonacci extensions, previous highs, or institutional liquidity pools.
- Invalidation: A daily close below support signals bearish reversal risk.
📉 Price Action Context:
- Breakout Confirmed: BTCUSD recently surged above a critical resistance zone (likely a multi-week consolidation or descending trendline).
- Pullback Phase: Healthy retest of the breakout level – common in bullish trends to confirm new support.
✅ Bullish Case:
- If buyers defend the $61k–$63k zone, momentum could accelerate toward $104,550.
- Confirmation Signals:
- 🕯️ Bullish Engulfing Candle on 4H/Daily close.
- 📌 Long Lower Wicks (rejection of lower prices).
- 📈 Volume Spike on upward moves (institutional accumulation).
❌ Bearish Risk:
- Failure to hold support = false breakout. This could trigger stops below, targeting $56k–$58k (next major support).
🎯 Trading Plan:
- Long Entry: Wait for confirmation (e.g., 1–2 closes above support + RSI >50).
- Stop Loss: Below the retested zone (3–5% risk buffer).
- Take Profit: Scale out near $80k (mid-term resistance) and $104k.
📊 Why $104,550?
- Likely a 1.618 Fibonacci extension from the recent swing low/high.
- Aligns with historical volatility cycles and institutional order blocks.
#bitcoin #BTC #TradingSetup #CryptoTA
Always backtest setups & manage risk!
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