Three profit-taking targets, and a well-considered stop loss level:
Current price and market context
The current price of Bitcoin is approximately 109,058 USD.
The currency has seen a collapse from a record high above 124,000 USD in mid-August and is still trending toward correction. Technical support is set at 109,000 USD, while resistance lies between 117,000–123,000 USD.
Technical analysis indicates the possibility of the upward trend continuing if resistance is surpassed, with a potential target at 146,400 USD (representing a completion of the previous trend driver) — approximately 32% gains from current trading levels.
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Proposed trade setup
Element Details
Trade type Buy (Long)
Entry price between 109,000 – 110,000 USD
Stop loss at 107,000 USD (major technical support)
Target 1 117,000 USD (immediate resistance)
Target 2 123,000 USD (resistance at the recent peak)
Target 3 146,400 USD (completion of the upward trend)
Expected risk/profit ratio:
Target 1: ~2% risk versus ~7–8% profit
Target 3: ~2% risk versus ~34% profit — making the trade attractive in terms of potential return
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The technical reasons behind this setup
1. Strong support level at 107,000 USD: This level represents historical support and a 50-day moving average, making the recommended stop loss sensible.
2. Significant resistances at 117,000 and 123,000 USD: These are tight entry points to achieve realistic initial targets.
3. Reflection from a descending channel: The price has recently broken through the ceiling of a descending channel, paving the way for new upward movements.
4. Realistic higher target: According to technical analysis (measuring principle), the price could reach 146,400 USD if positive momentum increases.
5. Temporary retracement after the rise: The current decline (~12%) from the recent peak indicates a buying opportunity near average levels, rather than entering from the bottom.
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Additional recommendations to enhance success chances
Use RSI or MACD indicators to confirm buying momentum before entering.
Manage risk wisely: Keep the loss to no more than 1–2% of your capital in this trade.
Provide a degree of flexibility: If the price breaks 117,000 USD, you can adjust the stop loss to the entry price — to secure points without loss.
Follow news and institutional policies: Institutional increases by adopting BTC or regulatory support could raise the price.
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Quick summary
Proposed entry price: 109,000–110,000 USD
Stop loss: 107,000 USD
Targets: 117,000 / 123,000 / 146,400 USD
Good balance between risk and profit, supported by clear technical analysis and key support and resistance levels.
