Bitcoin TA Alert: Perfect $97K Long Setup Incoming?
2025-01-24
Category: None

Bitcoin remains range-bound between $107K and $100K as we approach the weekend. Let’s break down the current key levels and trade setups based on the data available.

 Support and Long Setup 

The  GETTEX:97K  level emerges as a strong support zone for a long trade setup:

 
 0.618 Fibonacci retracement from the recent swing low to high aligns perfectly at  GETTEX:97K 
 
 
 The POC (Point of Control) from the 70-day trading range also sits at this level, adding confluence
 
 
 If the price reaches  GETTEX:97K  by Sunday or Monday, the trendline support will further strengthen this zone
 
A laddered long position can be placed around  GETTEX:97K , with:
 
 Stop-loss: Below $93K
 
 
 Take Profit: around $113K
 
 
 Risk-to-Reward (R:R): 4:1 - an attractive trade setup
 

 Resistance and Short Setup 

For the short trade setup, the current price around $106K offers an opportunity:
 
 Enter a short trade targeting the  GETTEX:97K  level
 
 
 Stop-loss: Above the all-time high (ATH) at $107K
 
 
 Take Profit (TP):  GETTEX:97K 
 
 
 R:R: 2:1 - reasonable given the tight risk management
