🚀 Bitcoin Mid-Term Trading Signal Analysis 🚀
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📈 Current Pattern:
➖Bitcoin is currently showing cup and handle formation, a bullish continuation pattern.
➖It has broken out of a descending broadening wedge, which also suggests a potential for further upward movement.
📊 Key Levels:
➖Buy Zone (Golden Buy Opportunity): Around $54,804.8, indicating a strong demand zone. This level should act as solid support.
➖Buy Side Liquidity Zone: Near $67,500. This zone offers a potential entry point for those looking to accumulate.
📉 Risk Management:
➖Sell Side Liquidity Zone: This is identified below the buy zone, so any downside risk could see a retracement to around $44,804.6.
🎯 Price Targets:
1️⃣Target 1: $73,881.4 (External Supply Level) - First profit-taking zone.
2️⃣Target 2: $74,140.8 - Long-term bullish target.
3️⃣Target 3: $114,500.9 (Proposed sell-off zone) - Potential full extension target for longer-term traders.
📌 Suggested Strategy:
➖Entry: Consider accumulating near the $67,500 liquidity zone or the $54,800 demand zone if a retracement occurs.
➖Stop Loss: Set a tight stop loss near $48,800 to manage risk below the major demand area.
➖Take Profit: Take profits incrementally at $73,881.4 and $74,140.8 to secure gains, while holding for the final extension to $114,500 for more aggressive traders.
🔔 Conclusion:
➖With a bullish accumulation phase in progress and the potential for further upside in the medium term, this trade setup suggests strong bullish momentum. However, risk management around liquidity zones and key levels is essential to avoid losses in the event of market volatility.
Disclaimers: DYOR and NFA
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