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Cautious on Bitcoin — Needs Daily Close Above 124k or Risk Larger Sweep
I'm cautious here: BTC has been in an uptrend since April 7, but price is struggling to break cleanly above 123k during week 7 of the phase-2 discovery. I need a daily close above 124k to regain conviction.
If BTC loses the 117,300 weekly level, 115k becomes the next target and a break there would likely trigger a deeper correction. A sweep down to the 105k–93k area is possible before euphoria returns.
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Analysis
Price action shows extended upside without clean breakout above key resistance; the market is vulnerable to a pullback if weekly support at 117,300 fails. Confirmation requires a decisive daily close ...
Recommendation
Wait for confirmation: avoid initiating new longs until BTC closes daily above 124k or risk-manage positions with tight stops around the 117,300 weekly level; be prepared for a potential retest of 115...
Disclaimer
The Analysis and recommendations provided are for informational purposes only. Any investment decisions should be made at your own risk. Past performance is not indicative of future results. Always conduct your own research and consider consulting with a financial advisor before making any investment decisions.