As we discussed in my previous analysis, we saw the Bitcoin price aiming for liquidity slightly below the 17000 level.
This move was followed by a strong reaction from the buyers, which ultimately confirmed the structure that I'm demonstrating in this idea.
The price broke out of the triangle two hours ago. The horizontal resistance is now turning into horizontal support (S&R flip).
Usually, we can observe a strong breakout which would elevate the BTCUSD price to the 17800 level, which is the previous high
from the first week of November.
This mentioned scenario is supported by the positive (& already priced in) reaction to the CPI & PCE data, as well as
a relief rally after the last interest rate hike in 2022.
I'm trading this idea as followed
- Entry: 17420
- Position: Long
- Stop Loss: 17295
- Target: 17880
- Leverage: 3x
If you like this idea, feel free to leave a like and follow me on TradingView.
Cheers
Trade active
Trade closed: target reached
Comment:
Considering another Long Position at a lower level. I'm going to update this idea tomorrow.
Comment:
Updated Idea
