The price is showing signs of recovery after a recent downtrend. The 4-hour chart indicates that BTC/USDT is attempting to establish an upward trend as it trades above some of the moving averages, though it’s still facing resistance.
Support and Resistance Levels
- Key Resistance: $60,381, marked by the recent peak, is the first significant resistance level.
- Key Support: $58,849, which is near the current price and also aligns with the 20-period MA, acts as immediate support. A stronger support level is at $57,318, a recent low.
Japanese Candlestick Analysis
- The recent green candles suggest bullish momentum, particularly after a doji-like structure which might indicate a potential reversal from the prior downtrend.
Moving Averages
- MA5 ($59,233) is close to the current price, indicating immediate market reaction and slight bullish momentum.
- The price is hovering around the MA40 ($59,367), which if broken upwards, could indicate further bullish movement.
- The MA20 ($58,886) is acting as support and may provide a strong base if the price retraces slightly.
MACD
- The MACD is crossing upward from a previously oversold condition, showing bullish divergence. This is a positive signal for a potential upward movement in the short term.
Volume Analysis
- Volume shows a mix of bullish and bearish activity, but recent candles with higher volume are green, supporting the short-term bullish outlook.
Conclusion and Recommendations
Short-Term Trading
- Entry Level: If the price sustains above $59,000, a long position can be initiated.
- Stop-Loss: Place it just below $58,500 to protect against a false breakout.
- Take Profit: Target $60,380 (resistance level), with a potential stretch to $61,900 if momentum strengthens.
Long-Term Trading
- Entry Level: Consider buying on a pullback to around $58,800 (MA20 support) if the price shows signs of support.
- Stop-Loss: Place it below $57,000 to avoid getting caught in a deeper correction.
- Target Level: Long-term targets could be $62,745 (previous high) and beyond if the bullish trend resumes strongly.
📈 Trading Recommendation:
Initiate a long position around $59,200, with a stop-loss at $58,500 and a take profit at $60,380.
Also Read: Learn how to find 100x gems
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