Bitcoin has shown signs of a potential reversal on the 4-hour timeframe after a sharp breakdown below support, which appears to be a classic liquidity grab or Turtle Soup setup. This move likely aimed to flush out weak hands before a possible bullish reversal.
A key 4H candle, forming a doji/hammer pattern, signals that selling pressure may have been exhausted, increasing the probability of an upward move. Based on this confirmation, I have entered a long position, anticipating a recovery toward previous highs.
My stop-loss is placed just below the recent low to manage risk effectively. If Bitcoin holds above this level and gains momentum, I expect a retest of previous range highs and potentially all-time highs. A breakout and close above the 109,000 resistance zone would further validate the bullish case, while failure to sustain support could invalidate the setup.
A key 4H candle, forming a doji/hammer pattern, signals that selling pressure may have been exhausted, increasing the probability of an upward move. Based on this confirmation, I have entered a long position, anticipating a recovery toward previous highs.
My stop-loss is placed just below the recent low to manage risk effectively. If Bitcoin holds above this level and gains momentum, I expect a retest of previous range highs and potentially all-time highs. A breakout and close above the 109,000 resistance zone would further validate the bullish case, while failure to sustain support could invalidate the setup.
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