BTCUSD Daily Chart AnalysisBTCUSD Daily Chart Analysis:
As you can see on the daily chart, Bitcoin is currently at a critical juncture. We've witnessed a strong uptrend culminating in a high near $108,000, followed by a significant correction.
Key Levels:
Support: The $80,000 to $82,000 zone is proving to be a crucial support level.
Resistance: We have immediate resistance around $92,000 to $96,000, and the major resistance at the recent high of $108,000.
Technical Observations:
The recent pullback is testing the aforementioned support zone.
Crucially, I'm observing a bullish divergence on the RSI, indicating potential weakening of the downward momentum.
Additionally, a bullish MACD crossover is imminent, further reinforcing the possibility of a reversal.
Potential Scenarios:
If the $80,000 to $82,000 support holds, the bullish divergence and MACD crossover suggest a strong likelihood of a bounce. We could see a move towards the $92,000 to $96,000 resistance area. A successful break above that level could propel BTC back towards the $108,000 highs.
Conversely, a break below the $80,000 support would invalidate the bullish signals and likely lead to further downside, with potential targets around $76,000 and $72,000.
Conclusion:
Bitcoin is currently presenting a compelling setup. The confluence of a key support test, bullish RSI divergence, and a potential MACD crossover suggests a high probability of a bullish reversal. However, risk management is paramount, and traders should be prepared for potential downside if the support fails.
