Below given chart is of 4 hrs of #BTC
Support: The nearest support level appears around 70,503.64 based on previous price action where it has shown some consolidation. Another stronger support might be around 66,895.10, which was a previous resistance level.
Resistance: The immediate resistance level is around the recent peak at 73,620.12 and the 24-hour high of 72,978.90.
2. Next Trend Prediction:
The trend appears to be bullish in the short term, as the price has broken through previous resistance levels and is holding above the support level of 70,503.64. The MACD and RSI indicators also show bullish momentum. However, RSI is around 70.42, which indicates that it is approaching overbought territory, meaning there could be a possible pullback or consolidation soon.
3. Trading Strategy for Safe Trade:
Wait for a Pullback: Given the RSI level, it might be safer to wait for a pullback towards the support level of 70,503.64 to enter a buy position.
Set a Stop Loss: Place a stop-loss just below the support level (around 70,000) to minimize risk.
Take Profit: Consider setting a take-profit target near the resistance level of 73,620.12 or the recent high of 72,978.90.
By waiting for a pullback and setting a stop loss, a trader can manage risk effectively while aiming to take advantage of the bullish momentum.
