Let's analyze the latest chart for the $BTC pair.
Observed Pattern: Recovery and Resistance Zones
Mid-Term: BULLISH
Short-Term: BEARISH
Recent Recovery:
The price of Bitcoin has shown a strong recovery, breaking through previous resistance levels.It currently trades around 67,084 USD, indicating a bullish momentum.
Resistance and Support Zones:
Immediate Resistance Zone: Around 67,000 to 68,000 USD. This is a critical area to watch as it has previously acted as a resistance level.Support Zones:First Support Zone: Around 65,000 to 66,000 USD. This zone can provide a good entry point on a pullback.Second Support Zone: Around 63,000 to 64,000 USD. A deeper pullback could find support here.
Entry Point:
Entry: For those looking to enter a long position, consider entering around the current price (67,084 USD) or on a pullback to the 65,000 to 66,000 USD support zone.
Stop-Loss:
Stop-Loss: Set a stop-loss below the first support zone, around 64,800 USD, to manage risk in case of a bearish reversal.
Take Profits:
First Target (TP1): Around 68,000 to 69,000 USD, aligning with the immediate resistance zone.Second Target (TP2): Around 70,000 to 71,000 USD, if the bullish momentum continues and breaks through the immediate resistance.
The BTC/USD pair has shown strong recovery, indicating bullish momentum. Entering around the current price or on a pullback to the 65,000 to 66,000 USD support zone offers a good risk-to-reward setup. Setting a stop-loss below 64,800 USD helps manage risk, while take profits at 68,000 to 69,000 USD and 70,000 to 71,000 USD provide clear targets for potential gains.
Stay alert to key levels and adjust your strategies according to your risk profile. Happy trading!
