The next few weeks are very important for Bitcoin $BTC as it is about to decide its next move...
Currently, it is holding just above the 50 SMA. The $76k to $75k range serves as a strong support level, as it combines with a 50 SMA retest.
There are two possible ways to find a good buy entry:
Plan A: Successful SMA 50 Retest
The price holds above $75k. Wicks below this level are acceptable for liquidity grabs, but a daily or weekly close must remain above it. A bullish green reaction on the daily or weekly chart will provide a strong buy-side trade setup.
Plan B: Lower Liquidity Sweep and Demand Zone Test
If we get a weekly close below the 50 SMA and under $75k, the price is likely to take lower liquidity and test the marked green demand zone.
This green zone, ranging from $72k to $67k, is a key demand area. It features a Fibonacci Golden Pocket as well as an inverted Fair Value Gap (IFVG) in the exact same region.
Summary
First Plan: Watch for a hold or bullish reaction above $75k.
Second Plan: If that level fails to hold, look for a dip entry between $72k and $67k.
Wait and watch the charts; confirmation should arrive soon....
$BTC
Currently, it is holding just above the 50 SMA. The $76k to $75k range serves as a strong support level, as it combines with a 50 SMA retest.
There are two possible ways to find a good buy entry:
Plan A: Successful SMA 50 Retest
The price holds above $75k. Wicks below this level are acceptable for liquidity grabs, but a daily or weekly close must remain above it. A bullish green reaction on the daily or weekly chart will provide a strong buy-side trade setup.
Plan B: Lower Liquidity Sweep and Demand Zone Test
If we get a weekly close below the 50 SMA and under $75k, the price is likely to take lower liquidity and test the marked green demand zone.
This green zone, ranging from $72k to $67k, is a key demand area. It features a Fibonacci Golden Pocket as well as an inverted Fair Value Gap (IFVG) in the exact same region.
Summary
First Plan: Watch for a hold or bullish reaction above $75k.
Second Plan: If that level fails to hold, look for a dip entry between $72k and $67k.
Wait and watch the charts; confirmation should arrive soon....
$BTC
