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Trading Pair
Bitcoin / US Dollar (BTC/USD)
Timeframe
1-hour
Analysis
The chart shows a significant upward trend beginning around October 19th, with a robust rally visible in the price action. The momentum has created higher highs and higher lows, a classic indication of a bullish market. Around October 26th, the price reached approximately $66,500, forming a short-term resistance.
- Resistance: $66,500
- Support: $63,200
Trading Strategy
Given the bullish momentum:
- Entry Point: Consider entering a long position above $66,500 after a breakout confirmation.
- Stop-Loss: Place stop-loss just below the $63,200 support level.
- Take Profit: Set initial take profit around $68,000.
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