đ Bitcoin Rally: What You Need to Know Now! đ
Bitcoin has successfully rallied off the 53K support level, as expected (refer to my previous post). I also shared my Dollar Cost Averaging strategy for this scenario during my recent stream. With momentum now turning bullish, Bitcoin is on track to test 60K, and if that resistance breaks, 64K is the next key level to watch. This bullishness is confirmed by a higher low pin bar formed last week, a classic signal that often leads to higher highs.
Now, what does this mean for you? It all depends on your risk appetite. If you're a short-term trader, the smaller time frames can help you minimize risk with tighter stops. However, if you're a swing trader, there may be a chance for larger gains, but this will also come with increased risk. For swing traders, I expect a retracement to test support in the 55-56K range before Bitcoin moves higher. But be aware: the retrace isn't guaranteed.
If the inside bar high breaks, this can trigger a swing trade with potential gains of 4K points, targeting the 64K resistance. Make sure to manage your risk accordingly, aiming for a 1:1 reward-to-risk ratio, or better.
This isnât about predicting the futureâno one can do that. Itâs about selecting the most likely scenario from a range of outcomes and adjusting your strategy as the market dictates.
đš Key Takeaways:
60K Resistance: Key level to break.
64K Target: Probable next stop if momentum continues.
55-56K Support: Look for retracement before the next move higher.
Always stay flexible and manage your risk!
Thank you for following my analysis! Stay informed, and remember, it's not the "why" behind the move, but the price structure that matters most.
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