2025-02-03 - priceactiontds - daily update - bitcoin
Good Evening and I hope you are well.
comment: Bulls erased yesterday’s sell-off and bought around 90k as expected. We are in a trading range and right now we are also contracting again. Do not make more out of it than necessary. You buy low, sell high until the range is clearly broken. Neutral price is 95k - 102k.
current market cycle: trading range
key levels: 90k - 107k
bull case: Bulls strongly reversed the previous 3 bear days and turned the market neutral again. They want to test 104k next and the bear trend line from the ath. Bulls have to stay above 100k or we might test down to 94k or 92k again.
Invalidation is below 92k.
bear case: Bears continue to lack the interest in selling below 94k and so we are in a contracting range. They want to continue making lower highs below 104k and then retest down to 94k. Trade the triangle until broken.
Invalidation is above 105k.
short term: Neutral 95k - 102k, bearish only below 88k. No interest in buying this.
medium-long term - Update from 2025-01-19: 75000 is my biggest target for now and until bears get there, any lower target is just unreasonable. My bias is bearish going into 2025 and I think the odds of a bigger leg down are good.
We are in a big trading range until it’s clearly broken. Bearish targets will only happen once we get a strong move below 90k.
current swing trade: None.
trade of the day: Buying the strong breakout above 96k. No reason to exit longs afterwards.
comment: Bulls erased yesterday’s sell-off and bought around 90k as expected. We are in a trading range and right now we are also contracting again. Do not make more out of it than necessary. You buy low, sell high until the range is clearly broken. Neutral price is 95k - 102k.
current market cycle: trading range
key levels: 90k - 107k
bull case: Bulls strongly reversed the previous 3 bear days and turned the market neutral again. They want to test 104k next and the bear trend line from the ath. Bulls have to stay above 100k or we might test down to 94k or 92k again.
Invalidation is below 92k.
bear case: Bears continue to lack the interest in selling below 94k and so we are in a contracting range. They want to continue making lower highs below 104k and then retest down to 94k. Trade the triangle until broken.
Invalidation is above 105k.
short term: Neutral 95k - 102k, bearish only below 88k. No interest in buying this.
medium-long term - Update from 2025-01-19: 75000 is my biggest target for now and until bears get there, any lower target is just unreasonable. My bias is bearish going into 2025 and I think the odds of a bigger leg down are good.
We are in a big trading range until it’s clearly broken. Bearish targets will only happen once we get a strong move below 90k.
current swing trade: None.
trade of the day: Buying the strong breakout above 96k. No reason to exit longs afterwards.
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.