Based on the technical analysis of the picture and current macro conditions, here are the recommended strategies for BTC/USDT:
1. Entry
Long Entry: If BTC can break and sustain above the MA(200) around $61,792, this could be a confirmation of an upside breakout. You can enter long after the price breaks through this resistance level with sufficient volume.
Short Entry: If BTC fails to break through MA(200) and returns below MA(7) around $60,932, this could be a signal to go short, assuming the price will fall towards the nearest support at $58,900.
2. Short/Sell
Short Position: If there are signs that BTC will correct (e.g. a drop below MA(7) and negative divergence on MACD), a short position can be taken. The correction target could be around $58,900, which is the strongest support in the last 24 hours.
Stop Loss: Place a stop loss above the MA(200) around $61,800 or slightly above this resistance.
3. Market conditions
Market Sentiment: Currently, the market is in a volatile condition with pressure from the US CPI data. With higher-than-expected inflation, sentiment towards risk assets such as BTC tends to be negative in the short term. However, if there is any monetary policy easing or positive news regarding Bitcoin adoption, this could provide a positive boost.
Volatility: The chart shows an increase in volume as the price approaches the support area ($58,900), indicating a fairly strong buying interest at that level. However, pay attention to the price movement approaching the MA(200), as this is an important area for determining the next direction.
4. Stop Loss
Long Position: If you make a buy entry above the MA(200), place a stop loss below the MA(7) or below $60,000.
Short Position: If you enter short, the stop loss can be placed above $61,800.
5. Take Profit
Long Position: The first take profit can be targeted at $63,000, which is a small resistance after the breakout. If the price continues to rise, the further target can be at $64,000.
Short Position: Take profit can be placed at $58,900, the lowest support area in the last 24 hours. If selling pressure continues, a further target can be placed around $58,000.
6. News and Macro Sentiment
US CPI news puts pressure on BTC. If inflation remains high, BTC could face resistance to move higher due to the Fed’s tight monetary policy. However, positive news on Bitcoin adoption or ETF developments could provide significant upside in the long term. Stay tuned for other upcoming economic data and central bank policies.
With this strategy, you can make more informed decisions depending on market conditions and the direction of Bitcoin price movements.
