1. General trend:
The price is trading in a sideways range with an upward bias after a corrective move from the top at 793.86.
The moving average (MA7) is below the current price, indicating that positive momentum may continue in the near term.
The moving average (MA25) is close to the price, indicating that the market may face resistance nearby.
2. Support and resistance levels:
Primary Support: 616.49 (strong level that may support the price in case of a decline).
Nearby resistance: 711.67 (nearest resistance level to be surpassed to continue the rise).
Higher resistance: 793.86 (previous high).
3. Technical indicators:
RSI (55.65): In the neutral zone with an upward bias, which means the price is neither overbought nor oversold.
MACD: Shows a positive signal (DIF line is above DEA), but the momentum is currently weak, which means that the sideways movement is likely to continue before taking a clear direction.
Volume: There is relatively weak volume compared to previous highs, which may limit bullish momentum.
Proposed entry plan:
1. Login:
Buy on clear break of resistance level 711.67 with confirmation on strong volume.
In case the price declines, you can consider entering at the support area between 630 - 650 while watching for reversal signals.
2. Making profits:
First target: 740 (psychological level close to resistance).
Second target: 790 - 800 (previous peak).
Tips:
1. Pay attention to the trading volume: Entry is only when confirmed by high trading volume to support the expected trend.
2. Watch the broader market: BNB’s impact on Bitcoin or the overall market movement can be significant.
3. Adjust targets based on performance: If momentum picks up, targets can be raised or stop loss moved to lock in profits.
4. Avoid trading on weak sideways movement: If there is not enough momentum, it may be better to wait.