$BTC Everyone, I’m opening a large, long-term buy position on $BTC here.
Take profit: $77,990
Stop loss: $73,699
Everyone is waiting for Bitcoin to fall below $73,000, but there’s something on the chart that has me interested in buying instead.
Look at how $BTC reacted after that sharp drop. Buyers stepped in near $73,300, and when the price fell again, it didn’t reach the same low.
That’s an interesting change. We’re starting to see higher lows, with buyers defending an upward-sloping support line despite the broader market remaining weak.
BTC is now trading near $74,900, and the next challenge is to break above the recent highs around $75,500. If that happens, I expect momentum to improve as traders who bet on the recent bounce failing start to feel the pressure.
My bigger target is the $78,000 area, where I expect the price to move if this recovery gains strength.
I’m not saying we’ve reached the bottom yet. A drop below the upward-sloping support line would weaken this scenario, which is why I’ve placed my stop loss below it.
For now, I’m choosing the buy side. I think BTC has a real chance to surprise traders who are still waiting for another sharp drop.
Let’s see how it goes.
Take profit: $77,990
Stop loss: $73,699
Everyone is waiting for Bitcoin to fall below $73,000, but there’s something on the chart that has me interested in buying instead.
Look at how $BTC reacted after that sharp drop. Buyers stepped in near $73,300, and when the price fell again, it didn’t reach the same low.
That’s an interesting change. We’re starting to see higher lows, with buyers defending an upward-sloping support line despite the broader market remaining weak.
BTC is now trading near $74,900, and the next challenge is to break above the recent highs around $75,500. If that happens, I expect momentum to improve as traders who bet on the recent bounce failing start to feel the pressure.
My bigger target is the $78,000 area, where I expect the price to move if this recovery gains strength.
I’m not saying we’ve reached the bottom yet. A drop below the upward-sloping support line would weaken this scenario, which is why I’ve placed my stop loss below it.
For now, I’m choosing the buy side. I think BTC has a real chance to surprise traders who are still waiting for another sharp drop.
Let’s see how it goes.
