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Trading Pair: BTC/USD
Timeframe: 1-hour
Exchange: Binance
Analysis
- Trend: The chart shows a bearish trend with recent lower highs and lower lows. The price has been declining from approximately $66,000 to the current level of $63,840.83.
- Resistance Levels: The nearest resistance is around $65,500, aligning with a previous peak.
- Support Levels: Current support is around $61,200, where previous consolidation can be observed.
Strategy
Given the bearish trend, traders might consider the following strategy:
- Entry Point: Look for a short entry around $64,000 if the price fails to break above resistance.
- Stop Loss: Set a stop loss at $65,700 to prevent potential adverse movements.
- Take Profit: Consider taking profit at $62,000, near the recent support level.
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