BTC → towards $73k
The chart provided shows a 4-hour Bitcoin (BTC) price analysis with USDT as the quoted currency for Binance. Let's break down the technical analysis:
Trend and Pattern Analysis
1. Descending Wedge Breakout:
- The price was previously in a descending wedge pattern, marked by converging trendlines.
- The breakout from this wedge occurred around July 11th, indicated by a sharp upward movement. This breakout is typically bullish, suggesting a reversal of the downtrend.
2. Resistance and Support Levels:
- Current Resistance: Around 66,446.00 USDT, which the price is testing currently.
- Support Zones: Significant support can be seen around the 62,500.00 USDT level.
- Future Resistance Targets:
- 69,577.08 USDT: The price is expected to face resistance here after the current level.
- 73,184.17 USDT: This is the next significant resistance level following 69,577.08 USDT.
RSI (Relative Strength Index) Analysis
- The RSI is currently around 64.08, slightly below the overbought threshold of 70.
- Divergence Noted: A bearish divergence is marked on the chart, where the price made a higher high, but the RSI made a lower high. This could suggest weakening momentum and a potential for a short-term pullback.
Price Projections
- The projected price path indicates a potential minor pullback from the current resistance level.
- Following this pullback, a rise towards the 69,577.08 USDT level is expected.
- If the price manages to break this resistance, the next target is the 73,184.17 USDT level.
Summary
- Bullish Outlook: The breakout from the descending wedge and the overall uptrend suggest a bullish sentiment.
- Short-term Caution: The bearish divergence on the RSI indicates the potential for a short-term pullback before continuing higher.
- Key Levels to Watch:
- Immediate support at 66,446.00 USDT.
- Resistance at 69,577.08 USDT and 73,184.17 USDT.
Trading Strategy
- Long Position: Considering entering on a pullback to a support level with targets at 69,577.08 USDT and 73,184.17 USDT.
- Risk Management: Place stop-loss orders below key support levels, particularly below 62,500.00 USDT, to manage risk in case of a false breakout or deeper correction.
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Trend and Pattern Analysis
1. Descending Wedge Breakout:
- The price was previously in a descending wedge pattern, marked by converging trendlines.
- The breakout from this wedge occurred around July 11th, indicated by a sharp upward movement. This breakout is typically bullish, suggesting a reversal of the downtrend.
2. Resistance and Support Levels:
- Current Resistance: Around 66,446.00 USDT, which the price is testing currently.
- Support Zones: Significant support can be seen around the 62,500.00 USDT level.
- Future Resistance Targets:
- 69,577.08 USDT: The price is expected to face resistance here after the current level.
- 73,184.17 USDT: This is the next significant resistance level following 69,577.08 USDT.
RSI (Relative Strength Index) Analysis
- The RSI is currently around 64.08, slightly below the overbought threshold of 70.
- Divergence Noted: A bearish divergence is marked on the chart, where the price made a higher high, but the RSI made a lower high. This could suggest weakening momentum and a potential for a short-term pullback.
Price Projections
- The projected price path indicates a potential minor pullback from the current resistance level.
- Following this pullback, a rise towards the 69,577.08 USDT level is expected.
- If the price manages to break this resistance, the next target is the 73,184.17 USDT level.
Summary
- Bullish Outlook: The breakout from the descending wedge and the overall uptrend suggest a bullish sentiment.
- Short-term Caution: The bearish divergence on the RSI indicates the potential for a short-term pullback before continuing higher.
- Key Levels to Watch:
- Immediate support at 66,446.00 USDT.
- Resistance at 69,577.08 USDT and 73,184.17 USDT.
Trading Strategy
- Long Position: Considering entering on a pullback to a support level with targets at 69,577.08 USDT and 73,184.17 USDT.
- Risk Management: Place stop-loss orders below key support levels, particularly below 62,500.00 USDT, to manage risk in case of a false breakout or deeper correction.
___________________________
✓✓✓ Always do your research.
❒❒❒ If you have any questions, you can write them in the comments below, and I will answer them.
❤︎ ❤︎ ❤︎And please don't forget to support this idea with your likes and comment
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My telegram channel:
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