Observation❗
Bullish Indicators (Uptrend Potential):
1. EMA Alignment:
The current price is above the EMA(5) and EMA(10), showing short-term bullish momentum.
The EMA(30) is still below the price, indicating a continuation of the longer-term uptrend.
2. Recent Price Action:
The price has closed above $101,000, which could act as a psychological support.
The chart shows higher lows over the past few candles, suggesting buyers are entering at increasing levels.
3. Volume Patterns:
Volume is steady, but any surge in buy volume could confirm a breakout above the resistance at $104,630.
4. Top Trader Long/Short Ratio:
At 1.638, it indicates top traders are favoring long positions (bullish sentiment).
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Bearish Indicators (Downtrend Risk):
1. Resistance at $104,630:
The price previously failed to break this level, indicating strong selling pressure in this zone.
A failure to break above it could lead to a correction toward the support levels.
2. Aggregated Long/Short Ratio (Taker Buy/Sell):
At 0.98, this suggests more sell pressure in taker trades (cautious market sentiment).
3. Longs vs Shorts (Accounts):
At 0.708, this shows a higher proportion of short positions by regular accounts, signaling some traders expect a price drop.
4. Decreasing Momentum:
If the price consolidates without volume increasing, it may lose momentum and face a pullback.
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Key Levels to Watch:
Resistance:
$104,630 (major resistance zone to break for continuation of the rally).
$101,870 (24-hour high, could act as minor resistance).
Support:
$100,000 (psychological support).
$99,150 (recent low, critical support to prevent deeper correction).
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Scenarios:
1. If BTC breaks $104,630 with strong volume, it could rally toward $108,000 or higher.
2. If BTC fails to break $104,630 and drops below $100,000, expect a pullback to $99,150 or lower.