Even though $BTC saw a remarkable bullish day last Saturday following the news of the US-Iran peace deal, BTC wrapped up yesterday's trading (Sunday) in the red, which keeps the Weekly BTC close below the SMA20. Moreover, for BTC currently on the H1 timeframe, we can observe:
- Price bouncing back around $76,266 - the symmetrical price zone of the current range after a previous false-break structure.
- This opens up the prospect for BTC to continue its upward trajectory rather than seeing a retracement. Any price pullbacks at this stage are likely to lead to failed bullish prospects.
Therefore, if $BTC breaks above $77,500, we can consider it a bullish signal. At that point, the upward price targets are sequentially at $78,277 and $79,250. The appropriate trading strategy is to either Buy Break-out or Buy-Stop if the price exceeds $77,500.
- Price bouncing back around $76,266 - the symmetrical price zone of the current range after a previous false-break structure.
- This opens up the prospect for BTC to continue its upward trajectory rather than seeing a retracement. Any price pullbacks at this stage are likely to lead to failed bullish prospects.
Therefore, if $BTC breaks above $77,500, we can consider it a bullish signal. At that point, the upward price targets are sequentially at $78,277 and $79,250. The appropriate trading strategy is to either Buy Break-out or Buy-Stop if the price exceeds $77,500.