🚀 $BTC Trading Analysis 🚀
Current Price: $98,633.60 (+7.94%)
Timeframe: 4 Hours
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Entry Zone:
Entry Price: $97,500
Reason: The price has shown strong support around the $97,500 level, bouncing back multiple times. This indicates a high demand zone where buyers are likely to step in, making it a strategic entry point.
Target Zone:
Target 1: $102,500
Target 2: $105,000
Reason: The $102,500 level has acted as a resistance in the past, where the price faced selling pressure. Breaking this level could lead to a move towards the next resistance at $105,000, providing a good profit-taking opportunity.
Stop Loss:
Stop Loss Level: $95,000
Reason: Placing the stop loss below the recent support level at $97,500 ensures that if the price drops below this point, it indicates a potential trend reversal, minimizing losses.
Support Levels:
1. $97,500: Strong support where buyers have consistently entered.
2. $95,000: Secondary support level, providing an additional safety net.
Resistance Levels:
1. $102,500: Key resistance where selling pressure has been observed.
2. $105,000: Next resistance level, a potential target for profit-taking.
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📊 Analysis Summary:
- Entry: $97,500 (Strong support zone)
- Targets: $102,500 and $105,000 (Key resistance levels)
- Stop Loss: $95,000 (Below support to minimize risk)
This setup leverages key technical analysis principles, ensuring a balanced approach to risk and reward. Happy trading! 🚀📈
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