Analyzing the next possible move:
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Observations from the Chart:
1. Price Trend:
Bitcoin recently experienced a strong uptrend, reaching a high of 108,353.00 USDT.
A pullback is observed, with the price currently trading at 94,469.27 USDT.
2. Moving Averages (MA):
The MA(7) (yellow line) is at 96,757.19, above the current price, indicating short-term bearish pressure.
The MA(25) (pink line) at 98,931.94 is also above the current price, showing mid-term resistance.
The MA(99) (purple line) at 79,781.25 suggests long-term support is significantly lower.
3. Volume
4. Key Levels:
Resistance: Near the 96,500-98,500 USDT range, as shown by the MA(7) and MA(25).
Support: Around 92,500 USDT, marked as the day's low, and further down near 79,000-80,000 USDT, closer to MA(99).
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Possible Next Moves:
1. Bullish Scenario:
If the price consolidates above 92,500 USDT and breaks above the MA(7) and MA(25) (96,500-98,500 USDT), it could retest the 108,353.00 USDT high or move higher.
Increased volume during a breakout would confirm this move.
2. Bearish Scenario:
Failure to hold 92,500 USDT support could lead to further downside toward 80,000 USDT, near the MA(99), which serves as a strong long-term support.
3. Sideways Movement:
If the price stays between 92,500 USDT and 98,500 USDT, consolidation could occur until a stronger breakout direction is confirmed.
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Key Signals to Watch:
Moving Average Crossovers: If MA(7) crosses below MA(25), it signals continued bearish pressure.
Volume Spikes: Increased volume on upward moves suggests bullish strength, while low volume indicates indecision.
Candlestick Patterns: Look for reversal patterns (e.g., hammer, engulfing) near key levels for confirmation.
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Trading Strategy:
1. For Long Positions:
Enter above 98,500 USDT with a stop-loss near 92,500 USDT.
Target resistance levels at 105,000 USDT and above.
2. For Short Positions:
Enter below 92,500 USDT with a stop-loss above 98,500 USDT.
Target support levels at 85,000 USDT and 80,000 USDT.#BTCNextMove
