Current market sentiment is bearish, but BTC is approaching a major support zone where a "reversal" is expected.
Trend: Short-term Bearish / Approaching Major Support (Falling Wedge Pattern).
Strategy: Wait for Bullish Engulfing confirmation at support.
Trade Setup (Long Position)
Entry Zone: $71,000 - $72,000
Note: The market is currently falling below the $78k-$80k range. Analysts expect that the price will "liquidity sweep" around $72k. You should look for your Engulfing candle (on H1 or H4 timeframe) to avoid a fake-out.
Stop Loss (SL): $69,500
This is below the recent swing low and psychological support ($70k).
Take Profit (TP):
TP 1: $78,000 (Immediate Resistance)
TP 2: $83,000 - $84,000 (Upper trendline target of the Falling Wedge)$BTC
BTCUSDT
Perp
69,031
+2.06%