Description:
On the daily chart of Bitcoin (BTC/USD), we observe an interesting dynamic. After a recent spike around $97,983, the price has shown a significant pullback, finding support at the $96,422 area. This level has acted as a key support, where the price has bounced off, indicating a possible bullish reversal in the short term.
Analysis:
Resistance and Support: The price has rejected the resistance at $97,983.96 and has retraced to the support at $96,422.90. This pullback has been followed by a bounce, suggesting that the support is holding.
Volume: An increase in volume during the bounce from the support can confirm buying strength.
Strategy:
Entry: Consider buying on the bounce from current prices,
Stop Loss: Place a stop loss below the recent low, around $96,200, to manage risk.
Take Profit: Target the previous resistance at $97,983 as the first profit target. If the price breaks this resistance, the next target could be the all-time high or psychological levels like $100,000.
On the daily chart of Bitcoin (BTC/USD), we observe an interesting dynamic. After a recent spike around $97,983, the price has shown a significant pullback, finding support at the $96,422 area. This level has acted as a key support, where the price has bounced off, indicating a possible bullish reversal in the short term.
Analysis:
Resistance and Support: The price has rejected the resistance at $97,983.96 and has retraced to the support at $96,422.90. This pullback has been followed by a bounce, suggesting that the support is holding.
Volume: An increase in volume during the bounce from the support can confirm buying strength.
Strategy:
Entry: Consider buying on the bounce from current prices,
Stop Loss: Place a stop loss below the recent low, around $96,200, to manage risk.
Take Profit: Target the previous resistance at $97,983 as the first profit target. If the price breaks this resistance, the next target could be the all-time high or psychological levels like $100,000.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.