Technical analysis by shakatrade1_618 about Symbol BTC: Buy recommendation (2/20/2025)

Based on the current market structure, the nearest target for BTCUSDT is the $102,700 - $105,000 range. This level is a significant zone due to the presence of a price imbalance (FVG) and strong limit resistance on the daily timeframe. This level has previously acted as a selling zone, making it a key area for a potential pullback. From an Elliott Wave perspective, I consider the current upward movement as the final stage of Wave C within Wave D of a triangle. If BTCUSDT.P reaches this area, a downward retracement is possible to form the final Wave E before a larger breakout. Development Scenarios: 1. Base Scenario (Reversal from $102,700 - $105,000): Expecting resistance in this zone and a reversal within Wave E. Possible retest of $96,000 - $94,000 before an upward breakout. 2. Alternative Scenario (Breakout Above Resistance): If BTCUSD decisively holds above $105,000, the next target could be around $110,000 - $112,000. I am holding a long position up to the designated zone, partially taking profits within the target range. I am also considering opening a short position upon a confirmed rejection from this level. ❖ My previous forecast for BTC https://www.tradingview.com/chart/BTCUSDT.P/DiLeVOMt-Bitcoin-s-Bull-Cycle-Nearing-the-End-What-s-Next/