BTC/USDT Technical Analysis: Key Levels and Entry Strategies
Bitcoin (BTC) has shown strong upward momentum, currently trading at $98,745, up 1.89% on the day. A closer look at the 30-minute chart reveals critical levels for support, resistance, and potential entry strategies:
Support Levels:
1. $98,248 (EMA-99) - Strong short-term support; ideal for tight stop-loss setups.
2. $97,408 (EMA-25) - Acts as the secondary support; a break below could signal further consolidation.
Resistance Levels:
1. $98,764 - The immediate resistance level. A breakout above this could fuel further bullish momentum.
2. $100,000 - Psychological resistance; expect strong selling pressure around this level.
Short-Term Entry Strategy:
Buy Zone: Near $98,248 (EMA-99).
Stop Loss: Below $97,408.
Take Profit: Target $99,800 to $100,000.
Long-Term Entry Strategy:
Buy Zone: On dips near $97,408 or $96,800 (dynamic support areas).
Stop Loss: Below $95,500.
Take Profit: Mid-term target $102,000, with potential for higher gains if the bullish trend continues.
Market Insights:
The 3.42% rise from the previous low of $92,232 demonstrates strong buyer interest. Volume indicators support this upward movement, signaling continued bullish sentiment. Traders should monitor key EMA levels for confirmation of trend direction.
Advice:
Secure partial profits near resistance zones while trailing your stop-loss to protect gains. Long-term investors may look for entries on corrections, leveraging the support zones as accumulation areas.