#Bitcoin #BTC🔥🔥🔥🔥🔥 Chart Analysis
12-hour chart (12h):
Current price: 63,680.10 USDT.
Moving Averages:
MA(7) = 60,809.24 USDT
MA(25) = 59,678.75 USDT
MA(99) = 61,529.21 USDT
The price has broken the MA(99) to the upside, which may be a sign of a possible trend change to a medium-term uptrend.
Daily Chart (1d):
Current price: 63,674.92 USDT.
Moving Averages:
MA(7) = 60,225.49 USDT
MA(25) = 60,018.95 USDT
MA(99) = 63,849.59 USDT
The price is close to the MA(99), which can act as a significant resistance.
4-hour chart (4h):
Current Price: 63,709.97 USDT.
Moving Averages:
MA(7) = 61,664.57 USDT
MA(25) = 60,588.79 USDT
MA(99) = 59,634.35 USDT
A strong bullish movement is observed recently, with the shorter-period moving averages crossing over the longer-period moving averages, which is a bullish signal.
Entry Recommendation
Entry Price: A good entry point could be around the short-term moving averages on the different time frames to look for a pullback. On the 4-hour chart, this could be around 61,664.57 USDT (MA(7)) or even a bit lower near 60,588.79 USDT (MA(25)).
Further Confirmation: Wait for the price to pull back and form a bullish reversal pattern like a “hammer” or bullish “engulfing” near those levels to confirm the entry.
Risk Management: Place a stop loss below the nearest support level (e.g. 60,297.50 USDT) to protect against a potential trend change.
Remember that the cryptocurrency market is volatile and it is essential to perform further analysis and have a good risk management strategy before making any investment decisions.
