BTC USDT Binance
BTC/USDT Analysis (1H Timeframe)
Trend: BTC recently broke out of a downward-sloping channel (orange trendline), signaling potential short-term bullish momentum. The price is now trading within an upward parallel channel (teal dashed lines).
Indicators:
Support and Resistance:
Major Support: $101,309 and $99,830.
Major Resistance: $106,039 and $110,060.
Volume: A recent volume spike confirms strong buying momentum during the breakout.
Idea:
If BTC sustains above $104,500, it could target $106,000 and $110,000, aligning with the upward channel. However, caution is advised near resistance levels, especially with overbought conditions on MFI and Bollinger Bands. A breakdown below $101,309 could retest $99,830 or lower.
Trend: BTC recently broke out of a downward-sloping channel (orange trendline), signaling potential short-term bullish momentum. The price is now trading within an upward parallel channel (teal dashed lines).
Indicators:
- SMA 200 (red line): BTC is trading above the SMA 200, indicating a potential shift to a bullish trend.
- Bollinger Bands: The price is near the upper Bollinger Band, suggesting short-term overbought conditions.
- RSI (56.22): Neutral, with room for further upside.
- MFI (80.42): Overbought, indicating caution for potential pullbacks.
Support and Resistance:
Major Support: $101,309 and $99,830.
Major Resistance: $106,039 and $110,060.
Volume: A recent volume spike confirms strong buying momentum during the breakout.
Idea:
If BTC sustains above $104,500, it could target $106,000 and $110,000, aligning with the upward channel. However, caution is advised near resistance levels, especially with overbought conditions on MFI and Bollinger Bands. A breakdown below $101,309 could retest $99,830 or lower.
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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.
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.