BTC BITCOIN Technical Analysis and Trade Idea

Market Observations: BTC/Bitcoin has experienced a remarkable bullish surge. However, the monthly timeframe indicates potential overextension. Moreover, recent price action pushing into previous highs on both the monthly and weekly charts suggests a possible retracement towards the 50-61.8% Fibonacci zone. This area typically attracts increased liquidity, potentially encouraging long positions from institutional investors.

Trading Considerations:

Counter-Trend Short: Explore a short entry near the current price level, strategically placing a stop-loss above the recent highs. Maintain a 1:1 risk-reward ratio for this trade.

Fibonacci Buy: Target a potential buy opportunity close to the 61.8% Fibonacci retracement level. This aligns with the possible accumulation of long positions by larger market players. Utilize a stop-loss below the recent swing low, and define target levels as shown on the screenshot.

Disclaimer: This analysis offers my personal market interpretation for educational purposes and should not be considered direct financial advice. Always prioritize your own independent research and thorough risk assessment before making any trading decisions.