Bullish BTC Outlook with Key levels and Trade Setups!

17 thg 5

In this analysis, we observe a parallel channel with a range low of 58,576 and a range high of 73,881. On May 1st, there was a drop below the range low (failed auction), followed by a reclaim on May 2nd. By applying a Fibonacci retracement from the May low to the all-time high (ATH), we see a rejection at the 0.5 Fibonacci level on May 6th. Later, support was found at the Value Area Low (VAL) of the Fixed Range Volume Profile (FRVP), indicated by the blue line..

*My strategy:
As long as BTC remains above 63,800 (the purple line we see as a POC of April) and does not flip it to resistance, higher prices, including new ATHs, are anticipated. The macro perspective is bullish, considering the weakening dollar and new highs in the stock market..

*Indicators i use:

Fibonacci Retracement
Fixed Range Volume Profile (FRVP)
Volume Analysis,Point of Controls (POC)

Actionable Trades:

Shorter Time Frame (STF):

Shorts at the 68,250-68,500 area (VAH of the FRVP)and 70000 as a psychological level, observing the reaction for confirmation!
Long at the 64,000 area with caution, checking the reaction!

Longer Time Frame (LTF):

Long at 63,000 (POC of this month) with caution, waiting for a bullish reaction.
Short if BTC takes out the ATH and subsequently fails to hold, though this scenario is less likely..


*My Notes:
In the broader view, I remain very bullish on BTC. The decline in dollar strength and rising stock market highs, support this outlook. Monitoring the key levels mentioned will be crucial for making informed trading decisions!