APEX TRADING SIGNALS
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Contrary to our previous expectations, BTC plummeted to new lows. Notably, there are two significant CME gaps at $77,000 and $94,000. We anticipate the downtrend to persist until BTC closes the lower gap at $77,000 and potentially retests the support level around $74,000. Alternatively, a move towards $94,000 to fill the higher gap before further downside is also a possible scenario.
BTC has played out our initial expected pattern, which involved a swing failure below $89k. Our next expectation is a move upwards to approximately $105k. The reaction at 105k will be crucial in determining whether BTC will continue to rise or experience another downturn.
Bitcoin breached the $98,000 level. However, to confirm this momentum with higher confidence, a weekly close above $98,000 is necessary. Until a weekly close above $98,000 is achieved, there remains potential for further downside movement before a potential reversal. Please refer to the attached chart for updated intra day Support and Resistance (S/R) levels.
BTC recently dropped below the $96k liquidity zone down to $92k, but failed to reach our desired buy zone at $89k. The funding rate remains bullish, and BTC is exhibiting signs of strength. We're monitoring the charts for a potential bullish divergence, which may occur if BTC touches the $89k zone. However, we're also open to the possibility that the bottom has already been established. From a strategic perspective, buying around $97k appears attractive, with a potential dollar-cost averaging (DCA) opportunity at $89k if prices dip. Ultimately, we anticipate the upward move to $120k to commence soon.
BTC Update: Bullish Outlook Remains Although our recent long position was stopped out, the overall bullish scenario for BTC remains intact. Key Levels to Watch: - Support and resistance levels are highlighted in yellow on the chart. - A decisive break above $98,500 is required to confirm a full bullish trend reversal. Outlook: We remain optimistic about BTC's potential for higher prices in the coming weeks. Our bullish outlook is still in play, and we're closely monitoring the market for the next buying opportunity.
Key Insights from BTC Chart: Multiple doji candles have formed on the daily chart (D1), indicating indecision in the market. Potential Trade Setups: - A close above today's high ($97,300) on the H4 chart may trigger a short squeeze, presenting a buying opportunity. - Conversely, a close below today's low ($95,700) on the H4 chart may indicate a long squeeze, presenting a selling opportunity. Trade Strategy: Enter a long or short position based on the H4 candle close, using the above levels as triggers.
Updated S/R levels on BTC. For continued uptrend, BTC needs to break above the resistance around $98,000
The 105K to 106K range has proven to be a strong resistance level, as Bitcoin has yet to achieve a weekly close above it. For a sustained uptrend to continue, BTC must clear the liquidity buildup at 96K and potentially break below the January 13 low at 89K. Meanwhile, ETH/BTC is showing signs of bottoming out, signaling that the long-awaited altcoin season may begin once BTC finds its bottom. A strategic entry point for altcoins could be when BTC dips into the 88K–89K support zone, marked in green.
Following yesterday's update, BTC surged to $100k but was swiftly rejected, and is currently trading around $96k. A review of the past three daily candle closes reveals a consistent pattern of aggressive selling whenever the price approaches $99k. In light of this, we recommend exercising caution and waiting for a more favorable entry point. Consider buying when the price reaches our expected $89k zone or wait for a daily candle close above $99k, which would indicate a potential breakout. We will provide further updates if another entry opportunity arises between $89k and $99k.
