Bitcoin ($BTC ) Technical Analysis (15-Minute Chart)

Current Price and Key Metrics:

•

Current Price: $57,914

• 24-Hour High: $58,450

• 24-Hour Low: $56,769

2. Oscillators: Currently neutral, not showing a strong bias towards buying or selling.

3. Relative Strength Index (RSI): Not specifically mentioned, but important for detecting overbought or oversold conditions

Support and Resistance Levels:

• Immediate Support: $56,500

• Next Support Level: $54,000 (historically strong support and significant liquidity around this area.

• Immediate Resistance: $58,450

• Next Resistance Level: $60,000

Market Sentiment:

Short-Term: Currently bearish due to failure to sustain above the $58,450 resistance. A break below $56,500 could lead to further declines towards $54,000.

Long-Term: If BTC closes above $60,000 on the daily chart, it may signal a shift to a bullish trend. Conversely, a close below $54,000 could reinforce bearish momentum

Trading Strategy:

Long Position: Consider entering a long position if BTC rebounds from the $56,500 support level with a target (TP) of $60,000 and a stop loss (SL) at $55,000.

Short Position: A short position could be considered if BTC fails to break above $58,450 with a target (TP) of $54,000 and a stop loss (SL) at $59,000

Weekly Closing Scenario:

Bullish Scenario: A weekly close above $60,000 may indicate a reversal from the current bearish trend, setting the stage for further gains.

Bearish Scenario: A weekly close below $54,000 could signal further declines and strengthen the bearish trend