Bitcoin’s Path to $100,000: Analyzing Recent Trends and Trading
2025-01-07
Category: None

📈BITCOIN JUST HIT $102,000. Yes, you heard it right. After a price correction and the formation of a four-hour range box, it seems that Bitcoin has successfully broken the upper channel. I am  Skeptic , and this is my first analytical post on TradingView.

📊Analysis
 
 Long-Term Trend: After breaking the resistance area at $72,000, Bitcoin resumed its primary upward trend, achieving significant price growth up to $106,000. The primary trend remains bullish.
 Market Influences: Factors such as decreasing U.S. interest rates, Trump’s presidential candidacy, and the increasing public interest in decentralized financial systems signal potential higher targets for Bitcoin.
 Secondary Correction: The recent correction coincided with Christmas and the holiday season, which may have contributed to the market’s pullback.
 Trading Strategy: As the saying goes, “ always trade with the trend .” Trading in the direction of the trend generally leads to higher win rates and better risk/reward ratios.
 

📍Four-Hour Time Frame:
  
Bitcoin has recently corrected to the $92,000 level and has broken above the range ceiling at $92,738. The RSI entering the overbought level of 70 confirms the momentum and breakout.
Moving Averages: The three SMA of the previous seven candles is below the four-hour breakout candle, indicating a bullish slope.

🔎Triggers for Long Position

First Trigger: Wait for a pullback to the $99,600 level for a reactive buy or wait for renewed momentum and a breakout above $102,593.
Range Box Strategy: Look for a range box formation and place a stop buy above it. There are numerous strategies available; find one that suits you best. It’s essential to open enough positions to discover what works for you.
Short Position Consideration: If the four-hour candle fails and reverts back to the range box, consider a short position. However, since this goes against the trend, it’s advisable to reduce risk with smaller stops and lower risk/reward ratios.

🧵Additional Notes
  
Bitcoin Dominance: Keep an eye on BTC.D (Bitcoin Dominance). Currently, Bitcoin seems favorable for opening positions, but if signs of weakness or a downward trend emerge, consider focusing on altcoins. Personally, I am watching BNB and XRP.
Pair Analysis: Monitoring Bitcoin pairs like BNBBTC can provide insights into which coins may outperform or underperform relative to Bitcoin.

Thank you for staying with me until the end of this analysis. I look forward to sharing fresh insights and a new coin with you tomorrow. I believe that growth together can be beneficial for both you and me. Until tomorrow, goodbye!❤️