We are in a pretty good scenario for $BTC and we go like the dermatologist: to the point.
Key supports and resistances:
MAIN SUPPORT
The strongest support is found at $97,500 - $98,000, close to the MA 7 (7-period moving average). This level represents a possible pullback after the recent breakout.
Additional support is around $94,500, aligned with the MA 25, which has served as a base in the past.
MAIN RESISTANCE
The price is currently hovering around $101,650, a level that represents a recent consolidation area.
If BTC breaks above $102,000, the next target is $105,000, a key psychological level.
Technical indicators (See chart)
Moving averages (MA 7, 25, 99):
BTC is above all major moving averages (7, 25, and 99), confirming the strength of the uptrend.
The slope of these averages suggests that the current correction could be temporary, with the possibility of resuming the upward trend.
Volume:
Volume has increased significantly, indicating strong interest from both buyers and sellers. This suggests that the market is in a decisive phase.
RSI and MACD:
Not directly visible on the chart, but given the recent strong move, it would be prudent to assume that the RSI could be close to overbought levels (>70). This could indicate a short-term correction.
Entry and exit strategies
Possible long entries (buy):
Ideal entry at the $97,500 support, provided the price bounces with clear bullish candles.
Additional entry if it breaks the $102,000 resistance, confirming a move towards $105,000.
Possible exits (take profit):
First target at $102,000, followed by $105,000 and then assess the next level based on market movement.
Possible short entries (sell):
If BTC breaks the $97,500 support, open shorts with a first target at $94,500.
Place a stop loss above $100,000 to mitigate risks on short positions.
Conclusion:
Overall Trend: BTC remains in a solid uptrend in the medium/long term. However, a correction could occur in the short term if the price fails to consolidate above $102,000.
Recommendation: Keep a close eye on key support/resistance levels and adjust positions based on market confirmations.
