Analysis for BTCUSD Purchase:
Currently, BTCUSD is trading around $95,553, with the potential for a "death cross" in the future, which could be interpreted as a long-term buying signal.
Support and Resistance: The key support level is around $95,600, with resistance visible at $99,900. Breaking the latter could confirm the resumption of the bullish trend.
Technical Signals: Despite outflows from ETFs, there is a consolidation of price in a narrow range, which might foreshadow an increase in volatility and potentially an upward breakout. The price has also dropped below the realized price of short-term holders, which historically coincided with the formation of a medium-term bottom.
Market Sentiment: Positions on X indicate anticipation of significant news or events that could drive a breakout. Local resistances on the path to growth, such as the RSI trendline and volume level, suggest the market is on the brink of a potential upward surge.
Recommendation: If the price of BTCUSD holds above $95,600 and begins moving towards $99,900, it might signal a buy opportunity. However, keep a close eye on news and the market's reaction to it. Use a stop-loss slightly below the support level for risk management. In case of a resistance breakout, the target could be $100,000 and beyond.
Currently, BTCUSD is trading around $95,553, with the potential for a "death cross" in the future, which could be interpreted as a long-term buying signal.
Support and Resistance: The key support level is around $95,600, with resistance visible at $99,900. Breaking the latter could confirm the resumption of the bullish trend.
Technical Signals: Despite outflows from ETFs, there is a consolidation of price in a narrow range, which might foreshadow an increase in volatility and potentially an upward breakout. The price has also dropped below the realized price of short-term holders, which historically coincided with the formation of a medium-term bottom.
Market Sentiment: Positions on X indicate anticipation of significant news or events that could drive a breakout. Local resistances on the path to growth, such as the RSI trendline and volume level, suggest the market is on the brink of a potential upward surge.
Recommendation: If the price of BTCUSD holds above $95,600 and begins moving towards $99,900, it might signal a buy opportunity. However, keep a close eye on news and the market's reaction to it. Use a stop-loss slightly below the support level for risk management. In case of a resistance breakout, the target could be $100,000 and beyond.
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.