🚀 Bitcoin (BTC/USDT) - Approaching Resistance with Momentum 🚀
Bitcoin is currently trading at $63,196.1, showing slight bullish strength with a 0.11% gain. The asset is testing a key descending resistance trendline while supported by bullish momentum from recent lower levels.
🔥 Key Observations:
Bearish OB: Resistance zone near $65,720 - $66,450 could act as a significant hurdle for further upside.
Support Levels: Strong buying zones around $61,476.7 - $60,770.0 provide solid support for the ongoing uptrend.
Trendlines in Play: The green upward trendline reflects buying strength, while the red descending trendline represents overhead resistance.
🎯 Long Setup:
🚀 Entry for Long: Look for a breakout above $63,200 - $63,500 with confirmation from high volume to initiate a long position.
🎯 Take Profit Targets for Long:
1. TP1: $65,720 — Intermediate resistance level.
2. TP2: $66,450 — Previous high and potential breakout point.
3. TP3: $67,500 — Extended target in case of continued bullish momentum.
🛡️ Stop Loss for Long: Set a stop loss below $61,225.9 to mitigate risks.
📉 Short Setup (If Rejection at Resistance):
🚀 Entry for Short: If Bitcoin faces rejection around $63,500, it could present a shorting opportunity.
🎯 Take Profit Targets for Short:
1. TP1: $61,476.7 — Immediate support.
2. TP2: $60,770.0 — Lower support area.
3. TP3: $59,000 — Deeper correction target if selling pressure accelerates.
🛡️ Stop Loss for Short: Place a stop loss above $63,500 to protect against sudden breakouts.
📈 Market Sentiment: BTC/USDT is approaching a critical resistance zone. If it successfully breaks above $65,720, it could spark further upside momentum. On the other hand, rejection from the current levels might lead to consolidation or a minor pullback.
