Part 2
99 MA (Purple): This long-term support shows the market is still in a broader uptrend. As long as the price remains above this level, long-term bullish sentiment remains intact.
2. MACD (Moving Average Convergence Divergence):
The MACD line is above the signal line, indicating bullish momentum, but the weak histogram bars suggest the momentum is not strong yet.
A sharp increase in the histogram bars would confirm a stronger move upward.
3. Stochastic Oscillator (KDJ):
The K and J lines are at relatively low levels, near the oversold region. This often signals a potential upward reversal if confirmed by price action.
A bullish crossover of the K and D lines would be a strong indicator of price recovery.
4. Volume:
The declining volume during consolidation is typical. For a breakout (up or down), look for a volume surge.
Key Levels to Watch:
Resistance Levels:
97,624.62: The 24-hour high and immediate resistance level. Breaking this will likely lead to a rally.
99,500 - 100,000: A psychological resistance level and previous price congestion zone.
Support Levels:
96,092.01: The 24-hour low. If this breaks, the price could head towards the next support.
94,236.10 (MA99): A strong support zone that aligns with the long-term moving average.
Trading Strategies:
For Bullish Momentum:
1. Wait for the price to close above 97,000 with increased volume.
2. Enter a long position with a target of 99,500 and a stop-loss around 95,500.
For Bearish Reversal:
1. If the price breaks below 96,000 with strong volume, consider entering a short position.
2. Target 94,200, with a stop-loss around 97,000.
Neutral Strategy:
If unsure, you can wait for confirmation by watching for candlestick patterns like a bullish engulfing or bearish engulfing near key levels.
Key Advice:
Use smaller position sizes if the trend looks uncertain.
Always watch for external factors (like news or Bitcoin-related updates) that could influence market behavior.