Bitcoin TA Alert: Perfect $97K Long Setup Incoming?

24 Jan

Bitcoin remains range-bound between $107K and $100K as we approach the weekend. Let’s break down the current key levels and trade setups based on the data available.

Support and Long Setup

The 97K level emerges as a strong support zone for a long trade setup:

• 0.618 Fibonacci retracement from the recent swing low to high aligns perfectly at 97K

• The POC (Point of Control) from the 70-day trading range also sits at this level, adding confluence
  

• If the price reaches 97K by Sunday or Monday, the trendline support will further strengthen this zone
  

A laddered long position can be placed around 97K, with:

• Stop-loss: Below $93K

• Take Profit: around $113K

• Risk-to-Reward (R:R): 4:1 - an attractive trade setup
  

Resistance and Short Setup

For the short trade setup, the current price around $106K offers an opportunity:

• Enter a short trade targeting the 97K level
  

• Stop-loss: Above the all-time high (ATH) at $107K

• Take Profit (TP): 97K

• R:R: 2:1 - reasonable given the tight risk management
  

27 Jan

Dagangan ditutup: sasaran tercapai

Front ran the level with a solid move