đ¨ $BTC /USDT Technical Analysis Update đ¨
Bitcoin (BTC) is showcasing strong bullish momentum as it continues to ascend within a well-defined ascending channel on the 4-hour chart. The recent price action indicates a potential for further upside as BTC approaches key resistance levels.
Current Price: $65,727.57
Recent High: $66,498.00
Key Observations:
Supportive Trendlines: The price is supported by the ascending channel's lower boundary, reinforcing bullish sentiments.
Moving Averages: BTC is currently trading above the MA(7), MA(25), and MA(99), signifying strong upward momentum.
Resistance Test: The recent peak at $66,498 serves as the immediate resistance. A breakout above this level could signal further gains.
Trading Strategy:
Long Position Entry: Consider entering a long position if BTC breaks above the resistance at $66,498.
Target Levels:
Target 1: $67,500 (near-term psychological resistance)
Target 2: $69,000 (mid-term challenge point)
Target 3: $70,500 (channel top and historical resistance)
Stop Loss: Set a stop loss around the $64,820 level to mitigate risk in case of a trend reversal.
Stay alert for any changes in market conditions that could affect this analysis. Happy trading!
