The attached chart shows the price action of BTC/USDT on a 1-hour time frame with some analytical tools such as moving averages (EMA) and trend lines. Here is the analysis:
Notes:
1. General trend:
The current trend appears bullish in the short term, with the price breaking the downtrend line (red line) and moving higher.
2. Moving Averages (EMA):
EMA 20 and 50: The price is moving above them, indicating strong bullish momentum.
EMA 100 and 200: The price is approaching them, and they may form additional support.
3. Support and resistance areas:
Key Support: Green zone (95,700 - 95,680) shows a strong demand area that saw a previous bounce.
First resistance: 96,707.
Second resistance: 97,500.
4. Relative Strength Index (RSI):
The RSI is at 57.31, indicating positive momentum but not in the overbought zone, giving room for further upside.
5. Uptrend line:
The green line indicates strong near-term dynamic support.
Expectation:
If the price continues to rise and settles above 97,000, it is expected to test the next resistance levels at 97,500.
If the price declines, the support at 96,500 - 96,300 will be crucial.
Trading Strategy:
Buy Trades: Entry can be considered when the uptrend line is retested or near the moving averages.
Sell trades: when the main support (96,300) is broken with candlestick confirmation.
Good luck
