Support and Resistance Levels:
1. Support: Around 92,300 USDT, which aligns closely with the recent low. This level has historically acted as a strong base.
2. Resistance: 98,000 USDT is acting as a near-term resistance level. This has been a pivotal point in previous price action where BTC has faced rejection.
Market Analysis:
• Trend: BTC is in a slight downtrend, having dropped by about 3.62% in the last 24 hours.
• Volume: The 24h volume is substantial, showing 77,350.87 BTC traded, which suggests a significant interest in the pair.
• Market Sentiment: The current sentiment shows 58.98% long positions and 41.02% short positions. This indicates slightly bullish market sentiment, but the downtrend suggests caution.
Entry Strategy:
• Long Entry: If BTC price breaks above 98,000 USDT, with confirmation, this could be a bullish signal.
• Short Entry: If the price breaks below the 92,300 USDT support, it could signal further downside.
Stop-Loss:
• For Long positions, set the stop-loss below 92,300 USDT to avoid significant losses.
• For Short positions, set the stop-loss above 98,000 USDT.
Suggested Trade Percentages (Based on Market Sentiment):
• Long: 58%
• Short: 42%
