Bitcoin (BTC) Trading Setup & Analysis
Analyzed by Haxno
Current Market Status:
BTC Current Price: $96,000
All-Time High (ATH): $99,588
Market Target: $100,000 (yet to be reached)
Market Dynamics
Buyers' Sentiment:
Currently, buyers are showing interest, keeping BTC on a strong trendline. This optimism suggests they are actively purchasing, especially as the price hovers above the trendline.
Sellers' Strategy:
In my opinion, sellers are positioning themselves for a significant move to potentially crash the market again. This ongoing battle between buyers and sellers creates an exciting yet volatile market scenario.
Key Levels to Watch
Support Zones:
Primary Support: $91,600 - $91,200
Secondary Support: $86,600 - $86,000
Tertiary Support: $75,000
Resistance Zones:
Primary Resistance: $97,300
Secondary Resistance: $98,800
Tertiary Resistance: $101,000 (ATH - potential short liquidation zone)
Trend Analysis:
Bitcoin is currently holding its trendline, making it appealing to buyers. However, this same trendline might serve as a trap, with sellers potentially pulling prices lower again.
BTC appears weak at the moment.
Sellers might capitalize on this weakness, leading to a market correction.
Haxno's Trading Plan
Strategy: SHORT
Stop-Loss: Place your stop-loss at $101,500 to manage risk.
Reason: BTC's weak momentum and potential for a bearish move suggest better opportunities on the downside.
Profit Potential: Significant profits could await as BTC nears lower support levels.
⚠️ Disclaimer:
This is not financial advice. The analysis shared here reflects market observations and trends. Always conduct your own research and trade responsibly. Investments carry risk; only invest what you can afford to lose.
Happy trading!
Haxno
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