$BTC

BTC/USDT Technical Analysis – 23 Dec 2024

Current Price: $93,948.97 (-1.71%)

24H High/Low: $96,538.92 / $93,483.00

24H Volume: 28,491.54 BTC ($2.71B USDT)

Market Overview

Bitcoin has experienced a minor pullback (-1.71%) over the last 24 hours. The price is testing key support zones, while SAR and Bollinger Bands indicate possible consolidation or breakout scenarios. Let’s identify three potential targets 🎯 for short- and medium-term trades.

Key Targets 🎯

1️⃣ Target 1: $94,700

Rationale: Immediate resistance level near the recent bounce. This aligns with EMA levels, where a potential rejection or breakthrough could set the tone for the next movement.

Action: Aggressive traders may consider short-term longs, but confirmation of strength is essential.

2️⃣ Target 2: $96,500

Rationale: Near the 24h high and SAR level ($96,482.14), this target represents a strong resistance zone. A breakout here would indicate bullish continuation.

Action: Monitor MACD for bullish crossovers and Bollinger Band expansion for confirmation.

3️⃣ Target 3: $97,500

Rationale: A medium-term target that corresponds with historical resistance. Achieving this level would indicate renewed bullish momentum.

Action: Enter on volume spikes and hold positions with a stop-loss near $93,500 for downside protection.

➡️Indicators to Watch

Bollinger Bands: Look for band expansion for breakout opportunities.

MACD: Watch for crossovers to confirm momentum shifts.

SAR (Stop and Reverse): Keep an eye on $96,482.14 to gauge potential reversals.

✅Trading Strategy

1. Support Zone: $93,483 acts as critical support. If this level fails, expect further downside.

2. Risk Management: Place stop-loss below $93,000 to limit risk.

3. Breakout Confirmation: A sustained move above $96,500 with high volume is essential for testing higher targets.

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