Bullish on Bitcoin? Watch This Zone! | BITmarkets
Vijesti Analize Bullish on Bitcoin? Watch This Zone!

Bullish on Bitcoin? Watch This Zone!

September 9, 2024 Analize
BITmarkets | Bullish on Bitcoin? Watch This Zone!

In our previous Bitcoin analysis, we predicted a potential price drop, which has now occurred as expected. We also outlined the conditions necessary for entering buying positions.

Today, we’re providing an updated outlook and a specific entry setup to help you capitalize on current market movements.

Daily time frame analysis

BTCFilip2.1

BTCUSD - 1 Day Time Frame

A key factor indicating potential upside is the targeting of internal sell-side liquidity. This conclusion is based on the behavior of commercial market participants, who tend to trade large volumes around fundamental market lows or highs. In this case, the recent decline dipped below two internal lows, triggering this liquidity.

For retail traders and investors, it’s essential to wait for a clear confirmation before entering positions. From our perspective, the Inversion Fair Value Gap (IFVG), which currently acts as support, presents the highest probability for a favorable entry with a strong risk-to-reward ratio.

Although this setup is not fully confirmed yet, an IFVG was formed over the weekend, shown in blue on the attached chart.

When to buy Bitcoin?

To take advantage of this opportunity, it's crucial to wait for a daily close above the IFVG. This will confirm the buying scenario.

Be sure to place a stop-loss order below the internal low and take profit at the internal and external liquidity levels we’ve identified.

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