"BTCUSDT: Eyeing the $97,294 Breakout"

30 nov 2024

Structure Analysis:

BTCUSDT is showing signs of consolidation after retesting the previous volume profile low around $96,581, which acted as support.

The price is hovering near a high-volume node (HVN), suggesting potential accumulation or preparation for a breakout.



Justification for $97,294 Target:

1. Volume Profile Insight:

The volume profile shows a low-volume area (LVN) between $96,850 and $97,294. This indicates that, once the price breaks above $96,850, there will likely be minimal resistance up to $97,294, allowing for a swift move upward.



2. Demand Zone Confirmation:

The bounce from $96,581 aligns with a previous demand zone, where significant buying activity occurred. This level has been tested and respected, adding strength to the bullish bias.



3. Market Momentum:

The candlestick structure on the 15-minute chart shows higher lows, suggesting a potential shift in momentum toward the upside.

This is further supported by the rejection of lower levels and the price's return above the previous POC (Point of Control).



4. TPO Levels:

The TPO level of $97,294 aligns with a key resistance from a previous distribution phase. Markets often retest these levels before deciding further direction, making it a logical target for the current bullish push.

5. Liquidity Zones:

There is likely resting liquidity above $97,000 due to unfulfilled short positions. A push toward $97,294 may act as a liquidity grab, fulfilling orders in that area.

Risk Management:

Entry: Long positions can be taken if BTC sustains above $96,850.

Stop Loss: Below $96,581 (strong support level).

Target: $97,294 (initial target).

Secondary Target: If momentum continues, the price could extend toward $97,800 or higher.


Key Levels:

Support: $96,581, $96,300

Resistance: $96,850, $97,294


This analysis justifies a move toward $97,294, but remain cautious of potential rejections near $96,850 if selling pressure increases.