It seems BTC is forming a bullish pennant or a bullish symmetrical triangle. However, the RSI has been indicating a weakening in momentum, suggesting a bearish divergence.
When reviewing the public order books on exchanges like Coinbase and Binance, there are thousands of open Bitcoin sell orders just below and at the $100,000 level.
The last time BTC attempted to break $100,000, it was evident that there wasn’t sufficient volume—there simply weren’t enough buyers to sustain the move.
If BTC breaks the triangle to the upside, I anticipate another attempt at $100,000. That said, I wouldn’t be surprised if it fails again, resulting in a pullback to the range low around $90,000.
I believe BTC could break $100,000 this cycle—if not by the end of this year, then early next year.
How I Plan to Trade This:
If the market breaks upward from the triangle, I will closely monitor volume and price action. It wouldn’t surprise me if this setup results in a fake-out, only to drop lower. In that case, it could present solid shorting opportunities with tight stop-loss orders near $100,000, offering a favorable risk-reward ratio.
If the market breaks $100,000 convincingly, I will look for strength and high volume in the move. Upon confirmation, I plan to start scaling into a long position, while keeping a close eye on whether the market can hold above the $100,000 level.
When reviewing the public order books on exchanges like Coinbase and Binance, there are thousands of open Bitcoin sell orders just below and at the $100,000 level.
The last time BTC attempted to break $100,000, it was evident that there wasn’t sufficient volume—there simply weren’t enough buyers to sustain the move.
If BTC breaks the triangle to the upside, I anticipate another attempt at $100,000. That said, I wouldn’t be surprised if it fails again, resulting in a pullback to the range low around $90,000.
I believe BTC could break $100,000 this cycle—if not by the end of this year, then early next year.
How I Plan to Trade This:
If the market breaks upward from the triangle, I will closely monitor volume and price action. It wouldn’t surprise me if this setup results in a fake-out, only to drop lower. In that case, it could present solid shorting opportunities with tight stop-loss orders near $100,000, offering a favorable risk-reward ratio.
If the market breaks $100,000 convincingly, I will look for strength and high volume in the move. Upon confirmation, I plan to start scaling into a long position, while keeping a close eye on whether the market can hold above the $100,000 level.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.