Market Analysis (UTC Date: 2024/12/20)
Bitcoin is trading at $93,970, down 8.04% in the last 24 hours. The price has been volatile, with a high of $102,800 and a low of $92,232. The current trend is bearish, with sellers dominating the market.
Support and Resistance Levels:
• Support Levels:
• First Support: $92,200 (recent low)
• Second Support: $91,800 (key level for breakdown scenarios)
• Resistance Levels:
• First Resistance: $94,800 (immediate resistance)
• Second Resistance: $96,000 (higher breakout target)
Stop Loss and Trade Strategy:
• Stop Loss: Set at $91,500, slightly below the second support to limit downside risk.
• Entry Point: Near $93,200, targeting a rebound towards $94,800.
• Exit Point: Partial take-profit at $94,800, full exit at $96,000 if resistance breaks.