Bitcoin Technical Analysis: Key Resistance and Potential Retrace

Bitcoin (BTC) has recently encountered a crucial resistance level at its previous all-time highs. Given this development, we anticipate a substantial retracement in price. However, our outlook remains optimistic, with the potential for a continuation towards the $80,000.0 mark.

Our trading strategy involves closely monitoring the 1-week timeframe. Specifically, we aim to enter the market during the 50% to 61.8% Fibonacci retracement zone. Our profit target is set at 2R, emphasizing risk management and reward-to-risk ratios.

Disclaimer: This analysis serves as an opinion and should not be construed as financial advice. Traders and investors should conduct their due diligence and seek professional counsel before making any trading decisions.