The chart reveals Bitcoin $BTC attempting to break a critical resistance zone around $99,000-$102,000, marked by multiple rejection points. This resistance area has been tested repeatedly, signaling the potential for a breakout if bulls maintain momentum.
Key Levels:
Support: $96,000-$96,500 (near recent lows and consolidation zones).
Resistance: $99,000-$102,000 (current rejection area).
Next Breakout Signal:
A 4-hour candle closing above $102,000 with strong volume may confirm a breakout, targeting $104,000-$106,000.
Trading Strategy:
Buy: If price breaks and retests $102,000 as support, enter long positions.
Stop Loss: Place below $99,000 to manage risk.
Take Profit: Scale out positions around $104,000-$106,000.
Caution: Avoid entries near $99,000 unless there’s clear breakout confirmation.
With Bitcoin at a pivotal level, traders should remain cautious and prioritize risk management in this volatile setup.
