BTC at $79K with daily RSI at 80. Most people are scared to buy here. Here is why they should not be š
Current picture:
Bitcoin is cruising at $78,926 with a beautiful trend structure ā price above ALL major moving averages (7/25/99-day). The 4H MACD is expanding with positive histogram. Daily RSI at 80 is elevated, but in strong trends, RSI can stay overbought for WEEKS (remember the 2024 rally?).
šÆ Why This Trade Works:
The long/short ratio is 1.14 ā more longs than shorts, which is healthy in an uptrend. Price is holding above the 4H SMA7 ($78,705), which acts as dynamic support. As long as BTC stays above $77,000, the path of least resistance is UP. The next major psychological level? $85K.
š Trade Plan (LONG):
ā¢ Entry: $78,400 ā $79,500
ā¢ Stop Loss: $76,000 (below 4H support cluster)
ā¢ TP1: $82,000 (+4%)
ā¢ TP2: $85,000 (+8%)
ā¢ TP3: $88,000 (+12%)
ā¢ Risk/Reward: 1:2.3
ā” Key insight: Volume is declining (0.74x average) while price holds steady. This is consolidation before the next leg ā not exhaustion.
$85K this week or pullback to $75K? What is your call? š
#BTC #Bitcoin #DYOR
ā ļø This is personal analysis, not financial advice. Always do your own research and manage risk carefully.
Current picture:
Bitcoin is cruising at $78,926 with a beautiful trend structure ā price above ALL major moving averages (7/25/99-day). The 4H MACD is expanding with positive histogram. Daily RSI at 80 is elevated, but in strong trends, RSI can stay overbought for WEEKS (remember the 2024 rally?).
šÆ Why This Trade Works:
The long/short ratio is 1.14 ā more longs than shorts, which is healthy in an uptrend. Price is holding above the 4H SMA7 ($78,705), which acts as dynamic support. As long as BTC stays above $77,000, the path of least resistance is UP. The next major psychological level? $85K.
š Trade Plan (LONG):
ā¢ Entry: $78,400 ā $79,500
ā¢ Stop Loss: $76,000 (below 4H support cluster)
ā¢ TP1: $82,000 (+4%)
ā¢ TP2: $85,000 (+8%)
ā¢ TP3: $88,000 (+12%)
ā¢ Risk/Reward: 1:2.3
ā” Key insight: Volume is declining (0.74x average) while price holds steady. This is consolidation before the next leg ā not exhaustion.
$85K this week or pullback to $75K? What is your call? š
#BTC #Bitcoin #DYOR
ā ļø This is personal analysis, not financial advice. Always do your own research and manage risk carefully.