Bitcoin / TetherUSShort
Bitcoin bulls and bears face off, key support levels are tested
Currently, the daily chart of Bitcoin (BTC/USDT) shows that the market is in an important technical situation. After several rebounds, the price is currently hovering around $102,000 and showing some downward pressure.
Trend analysis
From the chart, we can see that the price of Bitcoin is being affected by two major trend lines: one is a downward trend line formed by connecting recent highs, and the other is a horizontal support line at about $91,361. The price has tried to break through the resistance area of $107,813 several times and failed, and formed a recent high near $102,743.
Key support and resistance
Resistance: The upper resistance level is $107,813. If this area is broken, further upside space may be opened.
Support: The current support levels are $97,153 and $95,828. Once broken, it may further drop to $91,361.
Pattern and Target
A typical descending wedge pattern is formed in the chart, accompanied by a potential head and shoulders top structure. In the short term, if the price fails to hold the $95,828 support, it may trigger a deeper correction to the $91,361 area, which will be a key defensive point for buyers.
Trading suggestions
Long strategy: If the price can effectively break through the $107,813 resistance and stand firm, you can consider long orders, with a target of $110,000 and above.
Short strategy: If the price continues to be under pressure from the falling wedge pattern, you can consider short orders. Participating points are in the 103000-104500 area. Stop loss breaks through 108000 as the stop loss basis. Downward focus on 100000, 97153, 95828.
Conclusion
Currently, the Bitcoin market is facing a strong long-short tug-of-war. Traders need to pay close attention to breakthroughs in support and resistance areas and combine volume and other technical indicators to make more accurate judgments.
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🔷Join my telegram channel for free
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✔️Real-time analysis of foreign exchange, gold, and Bitcoin
✔️Professional analysis layout
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t.me/+tU_47UhRKa4yMmRh
✔️Real-time analysis of foreign exchange, gold, and Bitcoin
✔️Professional analysis layout
✔️Real-time trading guidance
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.