$BTC /USDT Technical Analysis
Current Price: $97,420 (-0.10%)
Price Action: $BTC /USDT has shown strong recovery after testing support at $92,232. With significant buying pressure, the pair has climbed close to $98,233 but faces some consolidation near $97,400.
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Targets:
1. First Target: $98,500
Immediate resistance level based on recent highs. A breakout could initiate a strong upward momentum.
2. Second Target: $100,000
Key psychological resistance and a round figure that often attracts significant attention from both traders and investors.
3. Third Target: $105,000
Based on Fibonacci extensions and historical price action, this level marks a strong bullish continuation target.
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Trade Management:
Secure Profits: Consider booking partial profits at $98,500 and $100,000.
Stop Loss: Suggested stop loss at $96,000 to mitigate downside risks while keeping the position open for higher targets.
Market Outlook:
The bullish momentum remains intact with solid support near $95,000. A decisive move above $98,500 could lead to a retest of $100,000, with potential for further gains if volume supports the breakout.