Hello everyone, here is my breakdown of the current Bitcoin setup.
Market Analysis
From a broader perspective, the price action for Bitcoin has been extremely volatile, with multiple failed breakdowns and breakouts. After a complex struggle, the most recent significant event was a powerful breakout above the 116800 level, followed by a successful retest, which confirmed the shift in control to buyers.
Currently, following that breakout, the price has entered a high-momentum rally. This upward impulse is strong but is becoming technically extended, which often increases the probability of a sharp corrective pullback as buyers begin to take profits.
My Scenario & Strategy
My scenario is a tactical short, aiming to capture this likely corrective move. After such a strong, impulsive rally, a pullback to test the original breakout level is a very common and healthy market dynamic. I’m anticipating that the price will make one last small push to a new high, where it will likely fail to find new buyers.
Therefore, the strategy is to watch for this exhaustion at the highs. A confirmed reversal would validate the short scenario. The primary target for this corrective move is the 116800 level, which aligns with the key Support zone.
That’s the setup I’m tracking. Thank you for your attention, and always manage your risk.
