Bitcoin at a Critical Support Level
Bitcoin is now at the median band of the Bollinger on the MVRV of short-term holders. It’s also trading above an important $107,100 Fibonacci support level.
Indeed, if this level breaks, Bitcoin would likely plunge to $97,000, which would invalidate Bitcoin’s medium-term bullish structure. Bulls therefore have every interest in defending this zone.
Massive Liquidity and a CME Gap to Fill
Additionally, more than $5.7 billion in USDT was minted just before BTC’s drop this Friday. Historically, these phases have formed bottoms before price rebounds.
Furthermore, a CME gap at $117,000 still needs to be filled. Since Bitcoin was at $16,000 in 2022, 98% of CME gaps have been filled.
The Bitcoin Trade to Make
With all these confluences, Bitcoin should be able to bounce in the coming days. Although it may retrace when stock markets open this Monday around 4 PM, BTC must maintain $107,000 to target $122,000 in the coming weeks.
Here’s the long position to place on Bitcoin:
- Entry price between $107,200 and $109,000
- Stop Loss at $106,000
- Leverage: Approximately x40
- TP: Take profits at $116,900 and $121,000
- Potential gains: up to 480%
Remember to only invest what you’re willing to lose and manage your risk. Move your SL to break even (entry price) when BTC approaches $113,500.
How to Long Bitcoin (BTC) on Bitget?
To capitalize on Bitcoin’s potential rebound toward $122,000, here’s how to set up a long trade on Bitget with the indicated parameters:
- Create a Bitget account: Sign up and complete KYC verification to access the BTC/USDT pair in the futures trading section.
- Fund your wallet: Deposit USDT or BTC to cover the initial margin.
- Access the futures market: Select BTC/USDT Perpetual Futures and choose x40 leverage (adjust according to your risk tolerance).
- Configure your long position:
- Entry price: Between $107,200 and $109,000 (current zone or slight correction).
- Stop-loss (SL): Set at $106,000 to limit losses in case of a bearish breakdown.
- Take-profits (TP): Take 50% of profits at $116,900 and 50% at $121,000, with potential gains of up to 480% with leverage.
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