BTC/USDT 1H: Bulls Eye Key Reversal from 99k Support
BTC/USDT 1H Chart Analysis (SMC Principles)
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Current Price: ~99k
Market Condition:
- Testing critical support near 99k after sharp selloff.
- RSI: Oversold at 30, with hidden bullish divergence forming.
- Bearish order block evident at 105k.
- Volume increasing on downside moves, signaling potential capitulation.
Market Maker Activity:
- Distribution phase visible at 105-106k range.
- Liquidity sweep engineered below 98k, potentially setting up for accumulation.
- Likely targeting 104k to collect sell-side liquidity.
Key Levels:
- Support: 98k-99k (weekly demand zone).
- Resistance Targets:
- T1: 102k
- T2: 104k
- Stop Loss: Below 97.8k (recent swing low).
Trade Setup (Confidence Level: 7.5/10):
- Entry Zone: 99k-100k
- Targets:
- T1: 102k
- T2: 104k
- Stop Loss: Below 97.8k
- Risk Score: 7/10 (moderate risk with favorable R:R).
Recommendation:
- Long position warranted within the 99k-100k zone, but wait for confirmation with a strong hourly close above 100k.
- Watch for volume spike to confirm reversal and monitor RSI divergence.
- Maintain tight stops due to broader bearish context.
- Confidence Level: 7.5/10 for potential accumulation phase.
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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.