Bitcoin Surges with Momentum : Key Analysis & Trade Strategy

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Bitcoin’s price currently sits at **$80,853**, with a strong bullish trend marked by higher highs and lows over the past month. Indicators reveal :

- Market Cipher B : Shows bullish momentum with green dots, indicating strong upward pressure but possible trend slowdown.

- RSI : At **74.81**, suggesting overbought conditions—potential for consolidation or pullback.

- Stochastic RSI : Reads **89.86**, reinforcing overbought status and potential short-term correction.

- HMA Histogram : Highlights continued bullish momentum, but signs of divergence hint at possible weakening.

Key Levels :

- Support : Strong support at **$72,000**, with a deeper level at **$63,000**.

- Resistance :

Next targets are **$85,000**, followed by **$92,000**.

Trade Strategy :

- Long Position :

- **Entry**: Around **$78,000-$80,000** for pullback buy.

- **Stop Loss**: Below **$72,000**.

- **Profit Target**: Initial at **$85,000**, extended at **$92,000**.

- Short Position (due to overbought signals) :

- **Entry**: Near **$85,000**.

- **Stop Loss**: Above **$87,000**.

- **Profit Target**: To **$78,000** or **$72,000**.

Advice :

Monitor RSI, Stochastic RSI, and Market Cipher B for signs of trend reversal. Manage risk with a 1-2% portfolio exposure per trade. Stay updated on market news for potential impacts.

Conclusion :

Bitcoin’s upward momentum is robust, but overbought indicators suggest caution for new entries. Evaluate risk and be adaptable to market shifts.