#📈 Bitcoin at a Crossroads 🚦
Market: Bitcoin (BTC/USD)
Timeframe: 12 hours to 2 days
Bias: Neutral (Bullish potential, Bearish confirmation)
Current Price: $17,250
Technical Observations:
Bullish Potential:
MACD crossover on the 12-hour chart, suggesting potential upward momentum.
Stochastics oscillator nearing oversold territory, indicating a possible bounce.
Volume increasing slightly, hinting at renewed interest.
Bearish Confirmation:
Price hovering below the critical resistance level of $17,500.
Daily RSI still in bearish territory.
Major moving averages (50MA and 200MA) acting as resistance.
Key Levels:
Support: $16,800, $16,500
Resistance: $17,500, $18,000
Trading Plan:
Bullish Entry: Wait for a confirmed breakout above $17,500 with volume confirmation.
Stop Loss: Below $16,500.
Target: $18,000, with potential to reach $18,500 if momentum continues.
Neutral/Wait: If the price remains range-bound between $16,800 and $17,500, wait for a clearer directional signal before entering.
Bearish Confirmation: Watch for a close below $16,500 with high selling volume. This could signal a further decline towards $16,000 or lower.
Disclaimer: This information is for educational purposes only and does not constitute financial advice. Do your own research and consult a qualified financial advisor before making any investment decisions.
Stay tuned for updates on this signal and more short-term crypto insights! 📊📉
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