Bitcoin: This Level Offers Optimal Scenario For 100K Objective.

[madtrader]

Bitcoin is poised to break higher from the current price area BUT it is worth noting these other high probability support areas. The 92K to 93K offers the most attractive level because of the alignment of the trend line and a previous key support (order block). While a swing trade long opportunity may confirm sooner, this scenario is the lower risk, higher probability scenario worth waiting for. In fact, I just shared an Ethereum trade setup that has a very similar configuration relative to the 3K level.

This chart is show the 4 hour time frame, ideal for shorter time horizon swing trades which can have a duration of a couple of hours up to a few days or even a week. Risk can be specifically defined by the key support levels like 90K and 92K. The ideal situation is to WAIT for price tot confirm before putting on a position. You can see the expected outcome on this chart which can reasonably test the 100K level upon the next leg higher.

Some key considerations as to why this scenario is more likely over the next week or two. Technical argument still favors a broader BULLISH trend. There was some questioning when 88K was briefly compromised, but price spent VERY little time below that key Wave 1/4 over lap which is something I have been pointing out for months. The current broader wave count favors the possibility Bitcoin is in a bullish wave 5 of the broader 5th which in simple language means the 126K high is within reason to be tested over the first quarter. This is NOT an absolute conclusion, it is what the current price structure implies.

Fundamentals must drive the move IF it is going to move. Major items on the horizon are the CLARITY ACT going into effect, more favorable actions by the Fed (QE), a new Yesman (I mean Chairman of the FED), etc. Always maintain an open mind because IF any bearish catalysts surprise the market, it will change the current structure which should automatically prompt an adjustment in expectations on your part. Until that argument comes along though, this market is pointing HIGHER.

Charts can't tell us much about the future, bond yields and LAWMAKERS can.

By the way these are my new charts. I am going to be featuring a variety of time frames, perspectives, etc in this new format. You will notice the candles no longer have a color. This is to help you focus on the actual price structure rather than become confused by "red" or "green" which can plant seeds of unjustified bias. Let me know how you like it in the comment and by giving this article a boost!

Thank you for considering my analysis and perspective.

[nihalsari]

waiting for 92–93k instead of chasing feels boring but also way smarter