The crypto king, Bitcoin (BTC), is currently trading at $97,876.61, showing a slight retracement after touching a high of $98,472.98. The chart reveals significant bullish momentum, but is this the time to LONG or should traders prepare for a potential correction and go SHORT? Letโ€™s break it down! ๐Ÿ”Ž

๐Ÿ“Š Fundamental Analysis:

  1. Market Sentiment: Bitcoin continues to enjoy strong institutional interest as macroeconomic uncertainties drive more investors into decentralized assets. However, short-term profit-taking is creating minor volatility.

  2. Volume Analysis: A robust 24-hour volume of 32,676 BTC reflects sustained trader activity, signaling further potential for price movement in either direction.

๐Ÿ“ˆ Technical Analysis:

  1. Trend Indicators: The price is comfortably above the 5-day MA (253,395) and 10-day MA (205,055), confirming an ongoing bullish trend.

  2. Key Resistance Level: $99,588 has emerged as a critical resistance zone, aligning with the upper wick on the candlestick chart.

  3. Support Levels: $95,735 and $93,000 are pivotal support areas to watch in case of a pullback.

๐Ÿ•ฏ๏ธ Candlestick Analysis:

The weekly candle shows an extensive green body with an upper wick, suggesting buyers dominated the market but faced resistance near $99,500. If the current candle closes above $98,000, expect further upside. Otherwise, a pullback to lower support zones is likely.

๐Ÿ“‰ RSI Analysis:

The RSI is at 90.08, firmly in the overbought zone, indicating caution. While momentum remains bullish, the risk of a short-term correction is increasing. Watch for divergence or a dip below 70 to signal a possible reversal.

๐Ÿ”ฎ Prediction and Signal:

Scenario 1: Bullish Breakout (LONG Signal)

  • Entry: $98,500

  • Target 1: $102,000

  • Target 2: $105,000

  • Stop Loss: $96,50

Scenario 2: Bearish Reversal (SHORT Signal)

  • Entry: $97,200

  • Target 1: $95,000

  • Target 2: $93,000

  • Stop Loss: $99,000

๐Ÿ’ก Pro Tip: Trade with caution as Bitcoin is nearing critical resistance. Overleveraging in such volatile conditions could be detrimental to your portfolio. Analyze the RSI and volume metrics closely for real-time decision-making.

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