BITCOIN TRADE PLAN + TECHNICAL ANALYSIS (ASCENDING TRIANGLE)

Bitcoin appears to be forming an ascending triangle, a bullish continuation pattern. The horizontal resistance line is at $95,407, while the ascending support line suggests increasing buying pressure.
A breakout above $95,407 could signal a significant upward move.

Resistance Levels:

Immediate resistance at $95,407.
Secondary resistance levels: $108,330 and potentially higher targets as the trend develops.

Support Levels:

Immediate support near $92,000.
Additional support levels: $88,071 and $85,000.

Indicators Analysis:

VMC Cipher B Divergences: Neutral-to-bullish signals with minimal negative momentum.

RSI (14): The current value of around 44.2 indicates a neutral zone, with potential for upward movement if it crosses the 50 level.

Money Flow Index (MFI): Indicates neutral activity, suggesting balanced buying and selling pressure.

Stochastic Oscillator: Near oversold levels (15.3), implying that a reversal to the upside might occur soon.


Trading Plan

Entry Strategy:

Aggressive Entry: Consider entering at current levels ($94,000) with a small position, anticipating a breakout.
Conservative Entry: Wait for a confirmed breakout above $95,407, with strong volume as confirmation.

Stop-Loss Placement:

Place an initial stop-loss below $92,000 to limit downside risk.
For tighter risk management, consider $93,000 as an alternative stop-loss level.

Take-Profit Targets:

First Target: $100,000 (psychological and round number resistance).
Second Target: $108,330 (next major resistance based on historical levels).
Third Target: Trail-stop strategy to capture potential gains beyond $108,330 if Bitcoin rallies further.

Risk Management:

Allocate no more than 2-3% of your trading capital to this position to manage risk effectively.
Monitor trading volume during the breakout; lack of volume confirmation may indicate a false breakout.

Contingency Plan:

If Bitcoin breaks below $92,000, re-evaluate the bullish thesis and consider a short-term bearish outlook toward $88,071 or $85,000 support levels.


Be cautious of false breakouts, particularly around $95,407.
Keep an eye on macroeconomic events or Bitcoin-specific news that could influence price action.

Bitcoin's ascending triangle pattern and current positioning suggest a bullish breakout is possible. Following this trading plan with disciplined risk management can help capture potential upside while limiting downside risks. Monitor the market closely for breakout confirmation or invalidation.