Bitcoin (BTC/USD) Technical Analysis: Breakout or Rejection at K200 EMA (Blue Line): 84,124 – This is a long-term trend indicator.
30 EMA (Red Line): 83,925 – A short-term trend indicator.
Key Levels
Resistance Point: Around 83,925 (marked in blue).
Support Zone: Around 82,184 (Stop Loss zone).
Target Point: 88,197, indicating a potential 6.34% upside.
Potential Trade Setup
Scenario 1 (Bullish Case):
If price breaks above resistance (83,925) and EMA 200, then a move towards 88,197 is expected.
A breakout confirmation might lead to an uptrend continuation.
Scenario 2 (Bearish Case):
If price rejects at resistance (83,925) and falls back below the support zone (82,184), a downward move could happen.
Pattern Analysis:
The chart suggests a potential accumulation phase before a breakout.
Possible retest of resistance before a rally.
Conclusion
Bullish above 83,925, targeting 88,197.
Bearish below 82,184, with potential downside.
Price action near the 200 EMA is crucial for the next move.