๐ Observations
1๏ธโฃ ๐ Price Action: $BTC
The trend remains upward with multiple higher highs and higher lows, signaling bullish momentum.
2๏ธโฃ ๐ Support and Resistance:
๐ด Upper Resistance: $103,900โ$104,000
Marked by a strong resistance level that the price is currently testing.
โซ Lower Support: $80,000โ$82,000
Key level where the price previously bounced.
3๏ธโฃ ๐ณ๏ธ CME Gap Importance:
Itโs critical for BTC to fill this CME Gap to signal the start of a super bull cycle ๐.
Historically, BTC tends to revisit and fill gaps across all markets before moving significantly.
4๏ธโฃ ๐ Recent Price Action:
The price has bounced off the lower support and is now testing the upper resistance zone.
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๐ Possible Scenarios
โ 1. Breakout Above Resistance
If the price breaks above $104,000 with strong volume, it could trigger further bullish momentum.
Next Target: $110,000 or higher ๐
โ 2. Retest of Support
Failure to break the resistance may result in a pullback.
Target Zone: $80,000โ$82,000 support ๐ก๏ธ
๐ 3. Consolidation
The price may move sideways within the $82,000โ$104,000 range as it builds momentum.
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โ ๏ธ Key Note on Volatility #BTCโ
Todayโs FOMC result will likely cause huge volatility โ ๏ธ.
If trading Futures, stay cautious and manage your risk carefully. Sharp moves in either direction are likely.
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๐ ๏ธ Suggestions
๐ Buy (Bullish Setup):
Trigger: A break above $104,000 with strong volume ๐
Signal: Bullish breakout
Target: Near-term target $110,000 ๐
๐ Sell (Bearish Setup):
Trigger: Failure to break resistance and a drop below $103,000.
Signal: Bearish reversal โ ๏ธ
Target: Retest of support around $80,000โ$82,000.
โณ Wait & Observe:
Given the current position near resistance and todayโs FOMC news, observe price action carefully before making moves.
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๐ Final Thoughts:
BTC filling the CME Gap is key for a potential super bull cycle.
Manage risk carefully, especially during high-volatility events like the FOMC result.
Stick to your levels, confirm price action, and trade smart ๐ฏ.