đ $BTC Update: Testing Resistance at $77K! Next Moves? đ
Hey guys! Bitcoin has reached a recent high of $77,109, showcasing the bulls' determination. But as $BTC tests this level, the charts are hinting at potential consolidation. Letâs break it down! đđȘ
đ EMA(50) & EMA(200)
EMA(50): $75,366
EMA(200): $72,227
BTC remains solidly above both EMAs, indicating a continued uptrend. The EMA(50) around $75,000 is now a crucial support level. If BTC holds above this, we could see further upward movement. Otherwise, a dip below might hint at a short-term retracement.
đĄ MACD
The MACD line at 279.75 is above the signal line at 253.00, indicating bullish momentum is still in play. However, the histogram shows reduced green bars, suggesting buying pressure might be weakening. Stay alert, as any further decrease could signal a shift in momentum. đ
đ RSI
The RSI(6) is currently at 53.21, showing that BTC has cooled off from overbought territory. This could give BTC room for another push higher, but watch for any dips below 50 on the RSI, which might indicate a pullback.
đ° Trading Strategy & Targets đ°
Entry Point:
Look to enter around $75,000â$75,500 if BTC retests the EMA(50) and finds support there. This level could provide a solid entry for those looking to ride the next leg up.
Exit Point / Take Profit:
Consider taking profit between $77,500â$78,000. If BTC can break above $77K, this range could see significant profit-taking as we approach a psychological resistance.
Stop Loss:
Place your stop loss around $74,000 to protect against a deeper retracement. A move below this level might indicate a shift in momentum and potential consolidation.
đŻ Target Achieved!
Our previous target of $76K was met with BTC pushing even higher to $77K! Now, all eyes are on whether BTC can break this resistance and test new highs. Watch closely and trade smart! đđ„
Are you holding or selling at this level? Letâs discuss in the comments! đŹđ