BitcoinPanjang
BTC TO REACH $108,350
BTC is at an ATH, currently hovering at around 100k with a daily candle looking to close above the previous major resistance level of $99,485, turning that key level into a support for the future market.
This is an area we should be wary of, considering all factors especially the volatility it will bring with mass liquidation as well as new entry's both short and long. From simple price action analysis there is confluence that the market can continue bullish, coupled with fundamentals revolving around BTC & crypto in general, i would say the market is still bullish.
We were always going to see relief periods caused by liquidation and positions being closed & targets being hit so a pull back around 100k was always predictable as it is such an obvious target for traders. Now that the market is looking to close above the key level of 100k it does present certain opportunities.
IMO there are multiple factors that point to a pull back to around the $96,755 area. The lower time frames indicate a confirmation in trend change as the 9/21 SMA's have crossed, the market is experiencing relief and the fib shows this level would complete a 61.8% pull back. There is also the possibility of a large amount if liquidity in this real in the form of retail traders stops being placed here from long trades after breaking the 100k level, it is possible the market makers will want to take these out before returning to a bullish state.
Therefor if the market does pull back to the $96,755 level and reject the fib / key levels i would look to enter again into BTC for a clear push back through 100k with a target set at $108,350, taking % of profits along the way to reduce risk.
This is an area we should be wary of, considering all factors especially the volatility it will bring with mass liquidation as well as new entry's both short and long. From simple price action analysis there is confluence that the market can continue bullish, coupled with fundamentals revolving around BTC & crypto in general, i would say the market is still bullish.
We were always going to see relief periods caused by liquidation and positions being closed & targets being hit so a pull back around 100k was always predictable as it is such an obvious target for traders. Now that the market is looking to close above the key level of 100k it does present certain opportunities.
IMO there are multiple factors that point to a pull back to around the $96,755 area. The lower time frames indicate a confirmation in trend change as the 9/21 SMA's have crossed, the market is experiencing relief and the fib shows this level would complete a 61.8% pull back. There is also the possibility of a large amount if liquidity in this real in the form of retail traders stops being placed here from long trades after breaking the 100k level, it is possible the market makers will want to take these out before returning to a bullish state.
Therefor if the market does pull back to the $96,755 level and reject the fib / key levels i would look to enter again into BTC for a clear push back through 100k with a target set at $108,350, taking % of profits along the way to reduce risk.
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