Bitcoin (BTC) is currently trading around $100,540, showing a small decline of -3.35%. After a recent drop from the $105,000-$107,500 range, BTC is consolidating near a key support area between $98,800 and $100,000.
Key Levels:
Resistance: $105,000 - $107,500
Support: $98,800 - $100,000
Analysis: BTC might be forming a double-bottom pattern at $98,800, which suggests a potential price increase if it stays above $100,500. If BTC breaks $105,000, it could rise to $110,000.
Prediction:
If BTC stays above $100,000, it may test $105,000, and a breakout could push it to $110,000.
If BTC drops below $98,800, it could fall to $95,000 or lower.
Trading Strategy:
Long Position: Buy around $100,000 with a stop loss at $98,000. Target $105,000, $107,500, or $110,000.
Short Position: If BTC falls below $98,800, target $95,000 with a stop loss at $101,000.
Risk Management: Use stop losses to protect yourself in case of sudden price changes.
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