Bitcoin ($BTC ) is trading at $98,969.50, up 1.44% in the last 24 hours, nearing the psychological $100,000 level. The 1-hour chart indicates strong bullish momentum, with higher lows and higher highs forming a clear uptrend. The current trend suggests that Bitcoin may soon test new all-time highs if it breaks key resistance levels.
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Long Trade Setup:
Entry Zone: $98,800 - $99,000
Targets:
Target 1: $99,800
Target 2: $100,500
Target 3: $102,000
Stop Loss: $97,500 (below recent support levels)
Analysis for Long Trade:
The upward trajectory indicates strong bullish sentiment. A breakout above $99,000 could trigger significant buying interest, propelling Bitcoin towards and beyond the $100,000 psychological barrier. Volume confirmation will play a critical role in validating this move.
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Short Trade Setup:
Entry Zone: $99,200 - $99,500 (if price shows signs of rejection near resistance)
Targets:
Target 1: $97,800
Target 2: $96,500
Stop Loss: $100,000 (above the resistance to avoid false breakouts)
Analysis for Short Trade:
If Bitcoin faces rejection near $99,000-$99,500, a short-term pullback is likely, targeting key support levels around $97,800 and $96,500. Rejection candles or declining volume near resistance would confirm this setup.
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Predictions and Market Behavior:
1. Bullish Scenario: Sustaining above $99,000 could see Bitcoin breaking $100,000, with further targets at $100,500 and $102,000.
2. Bearish Scenario: A failure to break $99,000 convincingly could lead to a correction toward $97,800 or lower before the next leg up.
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Key Levels to Watch:
Resistance Levels: $99,000, $99,800, $100,500
Support Levels: $97,800, $96,500, $95,000
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Risk Management Tip:
Given Bitcoin's volatility near psychological levels, it’s crucial to use proper stop losses and position sizing. Watch for volume spikes and momentum indicators to confirm breakout or breakdown signals.
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