Technical analysis by petermichalides about Symbol BTC: Buy recommendation (7/3/2025)

Market Context:Bitcoin has reclaimed significant ground after a corrective phase and is now approaching prior highs. The current move suggests strength and potential continuation — but with overhead resistance near 111,866, a retracement or consolidation before continuation is likely.Setup Idea:The chart illustrates a bullish continuation scenario: price may push slightly higher into resistance, then retrace into a more favorable entry zone before targeting new highs. The Fibonacci retracement levels between 100,500 and 102,470 align with a high-probability demand zone for a dip buy.Trade Plan:Entry Zone: Await retracement into the 0.5–0.618 fib zone (102,400–100,500)Stop Loss: Below 99,900 (beneath 0.65 fib and invalidation structure)Target: 119,900 (clean extension above prior high)Risk/Reward: Favorable multi-R setup based on macro continuationNotes:The setup anticipates a pullback before the next impulse. If BTC breaks through 111,900 with momentum and no retrace, the trade idea would shift to chasing on strength or waiting for consolidation above.Momentum indicators on VMC show bullish pressure building, but overbought conditions suggest temporary cooling may occur.Let the retrace come to you — and position accordingly on confirmation.