BTC/USD Long Setup – Key Demand Zone in Play

2 oct.

Bitcoin has tapped into a major demand zone between $61,000 - $59,200, a key area of interest for potential bullish continuation. This zone aligns with the 0.618 Fibonacci retracement, which often acts as a powerful reversal level in trending markets. Here’s why I’m leaning long:

Long Bias Insights:
Tapped Demand Zone: BTC has entered the $61,000 - $59200 zone, which has historically provided strong support. This area has confluence with significant Fibonacci levels, making it a prime spot for a bullish reaction.

Market Structure Shift: Despite recent bearish momentum, a break above $62,000 could indicate a shift back to bullish momentum. This would invalidate the bearish break of structure (BOS) and suggest a potential move higher.

Fair Value Gaps (FVG): There are visible FVG areas above, which could act as magnets for price as BTC seeks to rebalance these gaps. If BTC holds the current zone, these gaps offer strong upside potential.
Trade Setup:
Entry: Consider long positions between $61,500 - $6000 (inside the demand zone).
Targets:
First Target (TP1): $63000 - $63500
Second Target (TP2): $64,500 - $66,500 (filling the FVG and hitting prior resistance levels).
Stop Loss: Place a stop below 6000to protect against a break of the demand zone and invalidation of the long setup.