BTC/USD 1H Analysis...๐ฅ๐๐
1. Key Resistance Zone: The resistance zone lies between $98,300 and $100,000. Price action in this zone indicates strong selling pressure, making it a critical level for bullish continuation.
2. Support Zone: A significant support zone is identified near $92,000. This level could serve as a potential rebound area if the price experiences a downward movement.
3. Trend Outlook:
The current price structure suggests a potential rejection from the resistance zone.
A descending trendline indicates a bearish sentiment, with the next likely target being the $96,000 level and potentially further down towards the $92,000 support.
Trading Strategy:
Short Position: Consider entering a short position if price confirms a rejection from the resistance zone with appropriate stop-loss above $100,000.
Long Position: If price breaks and consolidates above the $100,000 level, it could indicate a bullish breakout. In that case, look for opportunities to go long.