Bitcoin ($BTC BTC) is currently experiencing a pivotal moment, with its price hovering around 109,172. This juncture presents two primary scenarios for traders and investors to consider:
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🐻 Bearish Scenario: Potential ABC Correction
- Overview: After reaching an all-time high (ATH) of approximately112,000, Bitcoin may be entering an ABC corrective phase.
- Indicators:
- RSI: The Relative Strength Index on the daily chart is nearing overbought territory, suggesting a possible price pullback.
- Fibonacci Retracement: Key levels to monitor include the 0.618 Fibonacci level around 92,000, which could serve as a strong support zone.
- Strategy:
- Long Entries: Consider entering long positions near the92,000 support level, especially if the price shows signs of stabilization.
- Short Entries: If Bitcoin fails to hold above key support levels and breaks below trendlines, short positions might be viable, targeting lower Fibonacci levels.
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🐂 Bullish Scenario: Continuation of Uptrend
- Overview: Alternatively, Bitcoin might be in a brief consolidation phase before resuming its upward trajectory, potentially forming a 1-2 Elliott Wave pattern.
- Indicators:
- Fibonacci Levels: A bounce from the 0.236 Fibonacci level around 100,000 could signal the start of a new impulsive wave.
- *Market Sentiment*: Renewed interest from retail investors and positive news events could fuel further price increases.
- Strategy:
- Long Entries: Look for buying opportunities between100,000 and 105,500, especially if the price breaks above previous resistance levels with strong volume.
- Short Entries: If the price fails to maintain momentum and breaks below key support levels, short positions could be considered, targeting previous lows.
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🔍 Key Levels to Watch
- Support Zones:92,000, 100,000
- Resistance Levels:112,000, $115,000
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