🦉 Bitcoin Poised For $120K Mark as Key Indicators Flash Bullish Signals

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Since Bitcoin’s recent decline to its current low of approximately $78,300, price action has been confined within a lower trading range, positioned just beneath the broader range BTC had been operating in for months. This new range spans from a high of around $90,400 to a low of approximately $82,650.

As is typical in range-bound conditions, price tends to oscillate between key levels until a definitive breakout occurs. In the immediate short term, Bitcoin has encountered resistance at the Value Area High (VAH)—the upper boundary of this range. If BTC fails to break above this level, the likely scenario would be a retracement toward the Point of Control (POC), which also aligns with the local golden pocket, making it a key area of interest to the downside. Should this level fail to hold, the next logical support would be the Value Area Low (VAL) at the bottom of the range.

Macro Outlook & Key Levels: 

From a macro perspective, Bitcoin remains in a downtrend, characterized by a series of lower highs and lower lows. After putting in a lower low, a higher high is required to confirm a shift in trend structure. BTC made an initial attempt at this following the Trump-related tweet, but ultimately failed, printing yet another lower high at $95,000 before rolling over. To reverse this trend and establish a more constructive market structure, Bitcoin must reclaim $95,000 and establish a higher high. Until then, the trend remains intact, and price action is likely to continue respecting the current lower-low, lower-high pattern.

Fundamental Drivers & Market Correlations: 

Tomorrow’s macro news releases and Friday’s White House Crypto Summit could introduce additional volatility into the market. Given BTC’s strong correlation with the S&P 500, the equity market’s trajectory will play a crucial role in Bitcoin’s near-term price action. The S&P is currently showing signs of weakness, meaning any bearish continuation there could exert further downward pressure on BTC. As for the crypto summit, while its significance is notable given that it's the first of its kind, events like these historically tend to be "sell-the-news" catalysts. However, there is always the possibility that this time could be an exception.

Final Thoughts:

While the macro outlook remains challenging, BTC appears closer to forming a bottom than a top. A potential retest of the $84,000 region, or even a slight move lower, could present a buying opportunity before a potential move higher. However, until $95,000 is reclaimed, Bitcoin remains in a downtrend, and traders should continue to respect the prevailing market structure.

As the saying goes, "the trend is your friend until the end." For now, the trend remains intact, watch for key levels and confirmation of a shift before assuming a meaningful reversal.

Book a free consultation at http://tacticaltradinghub.com to get started, See you on the inside!

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T’S HOOT’S OF ENLIGHTENMENT - TRAILING STOP-LOSS FOR PROFITS 💡

Taking profits in cryptocurrency trading can be challenging due to market volatility, but using a trailing stop-loss is an effective way to lock in gains while allowing for potential upside. A trailing stop-loss automatically adjusts as the price moves in your favor, ensuring that you capture profits while limiting downside risk.

For example, if you buy Bitcoin at $50,000 and set a trailing stop-loss at 10%, the stop price will follow the market price as it rises. If Bitcoin climbs to $60,000, the stop-loss moves up to $54,000 (10% below the peak). If the price then drops to $54,000, your position is sold, securing a profit.

This method prevents emotional decision-making and helps traders capitalize on trends without constantly monitoring the market. It works best in strong upward movements, allowing traders to ride the trend while protecting their profits. However, setting the right trailing percentage is crucial—too tight, and you risk getting stopped out prematurely; too loose, and you may give back significant profits.

Incorporating a trailing stop-loss into your trading strategy can improve risk management, maximize profits, and ensure a disciplined approach to crypto trading in volatile markets.

Want to learn more? Join us today… www.dailygainscrypto.com 

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