To analyze the provided BTC/USDT chart and write a technical analysis report, here is the breakdown:
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BTC/USDT 4-Hour Chart Analysis
Current Price Overview
Price: $96,705.16 (+0.20% in the last 4 hours)
24H High: $98,619.99
24H Low: $95,600.03
Technical Indicators:
MA(7): $97,002.48 (Near-term momentum is slightly bearish as price is below MA(7)).
MA(25): $95,112.25 (Indicating medium-term bullish momentum as price is above MA(25)).
MA(99): $94,045.94 (Long-term trend is bullish since the price is well above this level).
Price Action Summary:
The chart shows recent upward momentum as the price has risen from $90,791.10 (recent swing low). However, the current price is struggling near the $97,000 resistance zone. A slight consolidation pattern is observed, indicating the potential for either a breakout above $97,000 or further retracement to support zones.
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Critical Levels
Resistance Levels (Red):
R1: $97,500
R2: $98,620 (24H high)
R3: $100,000 (psychological barrier)
Support Levels (Green):
S1: $96,140 (current support)
S2: $95,600 (24H low)
S3: $94,045 (MA(99))
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Trading Signals
Short Trade:
Entry Price: Below $96,140 (upon confirmed breakdown)
Targets:
1. $95,600
2. $94,045
3. $92,500
Stop Loss: $97,500
Long Trade:
Entry Price: Above $97,500 (confirmed breakout with volume)
Targets:
1. $98,620
2. $100,000
3. $102,000
Stop Loss: $96,000
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Cautionary Note
Traders should monitor volume confirmation before entering a trade.
Watch for false breakouts near resistance ($97,500) or support ($96,140).
A lack of volume near critical levels may lead to sideways consolidation.
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