Daily Bitcoin (BTC) Technical Analysis and Insights

Bitcoin has retraced back to the 94,000 range, appearing to undergo a shakeout ahead of the Federal Reserve's interest rate decision this week. As previously noted, there are numerous liquidations occurring around the 94,000 mark, making it a critical threshold for either a rebound or a more significant decline.

Source: Hyblockcapital.com

According to leverage data for Bitcoin, it seems that leveraged sellers are becoming active around the current price levels. If the recent short squeeze in BTC gains momentum, it would make sense to trap new short sellers, so keep an eye out for a potential rebound from these levels.

Source: Tradingview.com

The SuperTrend indicator, which I discussed in yesterday's webinar, suggests that Bitcoin is on the verge of turning bearish on the 4-hour time frame. It is crucial for Bitcoin to bounce back from current levels, as the next major support zones are at 92,000 and 88,000.

Additionally, it's important to note that Bitcoin has two price gaps on the CME futures chart. The lower gap is at 92,000, aligning with the 12-hour SuperTrend support, while the upper gap is at 97,000.

Source: Tradingview.com

From an Elliott Wave analysis perspective, the third wave on the 12-hour and daily time frames remains intact unless we breach the 90,000 support level. I emphasize this point because I prefer to see an extended third wave; otherwise, we could enter a correction phase for a couple of weeks if we establish a wave 4 correction.

Source: Symbolik.com

The bullish momentum is still present, and dip buying remains a priority.

Overall, there are no significant concerns at this time. Finishing the week above 98,500 is still a realistic possibility.

Short-Term: Long

• Indicators continue to show increasing Bitcoin momentum, with a bullish divergence suggesting a minimum target of 96,000.

• Entry Price: 85,800 USD

• Stop Loss: 80,500 USD

• Target: 102,000 USD

Medium-Term: Long

• This trade will look more favorable if we surpass 90,000, at which point I will adjust the stop loss to the entry level.

• Entry Price: 82,000 USD

• Stop Loss: 65,000 USD

• Target: 150,000 USD

Long-Term: Long

• If the cycle unfolds as anticipated, Bitcoin could potentially reach 230,000. I will revise the target if market conditions change. I believe Bitcoin should not drop below 72,000, as that could trigger a crash; thus, the stop loss is set slightly wider to accommodate a final stop hunt.

• Entry Price: 79,000 USD

• Stop Loss: 65,000 USD

• Target: 180,000 USD