$BTC has been trading over its support zone between 69,530 – 69,300 for the last 30 hours. This level has proven to be a strong demand zone where buyers continue to step in, preventing further downside. On the upside, BTC has encountered consistent resistance between 71,445 – 72,000, which led to a previous rejection.
Key Levels:
Support Zone: 69,530 – 69,300
Resistance Zone: 71,445 – 72,000
Previous Bounce High: 71,660
BTC Trade Setup:
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Current Price: 69480
Entry: Long position if BTC holds above 69,530, with confirmation from bullish price action.
Stop-Loss: Place a stop-loss below 68,700 to protect against downside risks.
Targets:
1. Target 1 (T1): 70,500
Quick profit target near minor resistance.
2. Target 2 (T2): 71,445
The key resistance zone. Watch for signs of weakness here.
3. Target 3 (T3): 71,660
The previous local high, offering a solid mid-term profit opportunity.
4. Target 4 (T4): 72,000
A breakout above this critical resistance could trigger a rally toward 72,500 – 73,000.
Risk/Reward Considerations:
Risk Management: Conservative traders should place stops below 68,700 to limit losses. A breakdown below this zone could lead to a retest of lower levels.
Volume Confirmation: Look for rising volume as BTC approaches resistance. Strong volume on a breakout signals bullish strength.
NOTE: I am not a financial advisor so invest at your own risk
