BTC: Key Levels and Trading Strategies
Bitcoin's price is currently around $68,000, a key support/resistance level. High volume nodes at $66,000 and $70,000 indicate strong interest in these ranges.
The daily chart shows a clear uptrend since early 2024, but a descending triangle pattern on the 1-hour chart suggests potential bearish pressure. The price is above the long-term moving averages, confirming a bullish trend, while the short-term moving averages indicate a possible bullish crossover.
The Fibonacci retracement tool highlights key levels at $66,000, $65,000, and $63,000. The stochastic oscillator is near oversold levels on 4-hour timeframes, potentially signaling a buy signal.
The SEC's delay on spot Bitcoin ETFs could cause short-term volatility and bearish sentiment.
My trading strategy:
* Short-term: Buy near $67,000 if the 1-hour stochastic turns upward, with a stop-loss below $66,000 and a target of $70,000.
* Medium-term: Hold long if the price stays above $67,000 and the daily stochastic remains neutral or turns bullish, with a stop-loss below $65,000 and targets of $72,000 and above.
The overall trend is bullish, but caution is advised due to the descending triangle pattern and potential volatility from the SEC news. Monitor the $67,000 support level and adjust stop-losses and targets as needed.
