BTCUSD: How to trade ?
Updated
Today’s analysis for BTCUSDT based on the chart shows a potential continuation of bearish momentum. The price has been rejected at a resistance level around $63,000, highlighted by the red arrow and labeled "Resist". The current price is hovering around $61,100, and we observe that BTCUSDT is struggling to break back above this resistance zone.
Key Points:
Resistance: $63,000 is acting as a strong resistance level.
Support: There is a crucial support zone around $54,300, as shown in the green area on the chart.
Strategy:
Bearish Scenario: If BTCUSDT fails to break above the resistance around $63,000, a further drop towards the support level at $54,300 is likely. Consider short positions below the resistance level with a target near the support zone.
Stop Loss: Set above $63,000 to mitigate risks in case of a breakout.
Bullish Scenario: If there is a clean break above the $63,000 resistance level, the next upside target could be around $66,000 or higher, invalidating the bearish outlook.
The overall sentiment remains cautious as investors monitor price action around key resistance and support zones.
Key Points:
Resistance: $63,000 is acting as a strong resistance level.
Support: There is a crucial support zone around $54,300, as shown in the green area on the chart.
Strategy:
Bearish Scenario: If BTCUSDT fails to break above the resistance around $63,000, a further drop towards the support level at $54,300 is likely. Consider short positions below the resistance level with a target near the support zone.
Stop Loss: Set above $63,000 to mitigate risks in case of a breakout.
Bullish Scenario: If there is a clean break above the $63,000 resistance level, the next upside target could be around $66,000 or higher, invalidating the bearish outlook.
The overall sentiment remains cautious as investors monitor price action around key resistance and support zones.
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