Here is a detailed analysis of the BTC/USDT chart
1. Price Trend
Current price: $98,555.84, approaching strong resistance around $99,963.70.
The price shows a bullish trend because the candle is above the 50 EMA ($96,661.15) and 200 EMA ($96,142.98). This position is usually considered a sign of price strengthening.
2. Support and Resistance
Major Resistance: $99,963.70. This is the level that must be broken to continue the bullish trend.
Strong Support: $91,108.78. If the price falls, this is a level that can be tested as a rebound point.
3. Moving Average Indicator
The 50 EMA (yellow) is above the 200 EMA (green), confirming a medium to long-term bullish trend.
The distance between the 50 EMA and the 200 EMA indicates that the bullish momentum is still strong.
4. Trading Volume
The current volume looks stable. There is no significant spike, which means that buying action has not shown much pressure.
If the volume increases as the price approaches $99,963.70, this could be an indication of an upward breakout.
5. MACD
DIF (702.32) is below DEA (769.02) with a negative histogram, indicating a weakening bullish momentum.
However, if the histogram approaches zero or turns positive, this could be a sign of a bullish reversal.
6. Trading Advice
Bullish Strategy (If the price goes up):
1. Entry: Wait for a breakout above $99,963.70 with high volume confirmation.
2. Target: $101,094.88 (the next psychological level).
3. Stop Loss: $96,661.15 (50 EMA level).
Bearish Strategy (If price falls):
1. Entry: If price breaks through support of $91,108.78 with high volume.
2. Target: $87,000 (next support).
3. Stop Loss: $93,000 (small retracement area).
Buy on Dip:
If price falls to $96,000–$96,500 (near EMA 50), consider buying for target of $99,963.70.
Conclusion
Overall, the chart shows an active bullish trend, but momentum is starting to weaken. You are advised to wait for confirmation of a breakout or correction before entering a position to avoid the risk of a false breakout.