BTC daily update:
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Let's analyze BTCUSDT :
Bitcoin's recent peak at $102,700 appears to have been a retest of a key parallel channel. The drop below the 50-day Exponential Moving Average (EMA) and the subsequent retest of the previous closing price suggest a bearish trend. To avoid further declines, Bitcoin needs to stay above $91,000. However, if the price repeatedly bounces off this support, it will likely weaken and eventually break. A lower support zone, coinciding with the 100-day EMA, lies between $85,700 and $87,000.
It's crucial to observe Bitcoin's current weekly closing price before making any altcoin trades. Next week's price action will also be critical in determining Bitcoin's short-term trajectory. It's strongly advised to avoid leveraged trading and resist the urge to trade based on Fear of Missing Out (FOMO). Instead, wait for optimal entry points to minimize potential losses. Successful trading isn't about constantly taking long or short positions, but about strategically timing entries to maximize profits and reduce risk.
Key Support Levels:
92.5k
91k
Key Resistance Level:
98.5k
If you find this analysis helpful, please hit the like button to support my content! Share your thoughts in the comments and feel free to request any specific chart analysis you’d like to see.
Happy Trading!!
In-depth market analysis
Accurate trade setups
Early access to trending altcoins
Life-changing profit potential
Let's analyze BTCUSDT :
Bitcoin's recent peak at $102,700 appears to have been a retest of a key parallel channel. The drop below the 50-day Exponential Moving Average (EMA) and the subsequent retest of the previous closing price suggest a bearish trend. To avoid further declines, Bitcoin needs to stay above $91,000. However, if the price repeatedly bounces off this support, it will likely weaken and eventually break. A lower support zone, coinciding with the 100-day EMA, lies between $85,700 and $87,000.
It's crucial to observe Bitcoin's current weekly closing price before making any altcoin trades. Next week's price action will also be critical in determining Bitcoin's short-term trajectory. It's strongly advised to avoid leveraged trading and resist the urge to trade based on Fear of Missing Out (FOMO). Instead, wait for optimal entry points to minimize potential losses. Successful trading isn't about constantly taking long or short positions, but about strategically timing entries to maximize profits and reduce risk.
Key Support Levels:
92.5k
91k
Key Resistance Level:
98.5k
If you find this analysis helpful, please hit the like button to support my content! Share your thoughts in the comments and feel free to request any specific chart analysis you’d like to see.
Happy Trading!!
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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.
Related publications
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.