🪙💡Where is Bitcoin going? Update and trading ideas.

1. Market trend:
The price has exceeded the $99,000 mark and continues to show an upward movement. The RSI is at 67.36, indicating that the market is near the overbought zone but still has room for further upward movement.

2. MACD Indicator:
The MACD has given a bullish signal as the MACD line is above the signal line, indicating potential momentum in the upward direction.

3. Resistance and Support Levels:

Important resistance: 100,500–101,000 USD.

Support levels: $98,000 and $96,500.

4. Elliott Wave Theory:
The price may be in the final phase of an impulsive wave 5, which could reach the range of $101,000-$102,000 before a major correction begins.
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Forecast for the next few hours

1. Most likely movement:
A continuation of the upward movement up to the next resistance area at USD 100,500-101,000. There, the price could consolidate in the short term or initiate a slight correction.

2. Risks:
If the price falls below 98.500 USD, this could be a sign of a deeper correction towards 96.500 USD.
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Suggestions for a futures long trade
Strategy:

1. Entry at $99,100:
The entry point is just below the current price zone to cover possible short-term fluctuations.

2. Stop Loss at $98,500:
The stop loss is below the support zone to protect against a potential downtrend.

3. Objective:

First target (TP1): $100,500 - Reaching the resistance zone.

Second target (TP2): $101,500 - Potential upper limit of wave 5.
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Risk assessment

1. Risk-reward ratio (CRV):

CRV at TP1: 1.67:1

CRV at TP2: 3:1

2. Reason for the long trade:

Positive MACD-Crossing.

RSI shows further room to the upside.

Continuation of the bullish market trend by surpassing the resistance at 99,000 USD.
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🚨Caution:

Watch the area around 100,000 USD closely. If the price experiences strong rejection there, a short-term correction might occur.

Set alarms for important price levels to be able to react flexibly.

This is not financial advice.
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