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BITCOIN EMERGENCY | $73,843 Key Support | Swing Long Set-Up

The current price action remains fresh following the drop, and patience is required for this trade to materialize. If Bitcoin continues to move lower, the $73,843 region becomes a critical zone to monitor

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Bitcoin Insider
February 24, 2025 • Estimated Reading Time: 3 minutes

Today’s report will include:

  • BITCOIN Technical Analysis

  • Market Psychology

  • Trading Tools

  • FREE Crypto Trading Secretes Guide 2025

BITCOIN SWING LONG


In yesterday’s update, we highlighted Bitcoin’s weakness, and just 12 hours later, a bearish break confirmed this on the lower timeframe before spilling over to the higher timeframe. Now, Bitcoin is in expansion mode, making it essential to focus on the high timeframe structure rather than getting caught up in lower timeframe fluctuations.

Key Points:

  • Bitcoin continues to trade within a key high timeframe channel that has been in place for over a year. The next major structural support sits at $73,843, aligning with multiple technical confluences, including VWAP support, the 0.618 Fibonacci retracement, and the channel low.

  • If price consolidates below the mid-channel range, a deeper move toward the channel low at $73,843 becomes increasingly probable.

  • A potential reversal could take shape at this support level, but confirmation requires a market structure shift on the lower timeframe before considering a long position.

The current price action remains fresh following the drop, and patience is required for this trade to materialize. If Bitcoin continues to move lower, the $73,843 region becomes a critical zone to monitor. Given the confluence of key technical factors, this area presents a strong candidate for a potential market reversal. However, confirmation through price action is necessary before executing any long trades.

If Bitcoin finds support and forms a structural shift on the lower timeframe, it could set the stage for a reversal toward new all-time highs. This setup offers a well-managed long opportunity, but risk management remains crucial. Traders should wait for clear signals before positioning themselves for the next major move.

Hope this analysis helps.

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