BTCUSDT.1D
analyzing the BTC/USDT daily chart, Bitcoin is currently trading at 90,635.71, showing a strong bullish trend. The price has broken above key resistance levels recently and is now in uncharted territory near the upper levels of a rising channel. The bullish momentum has been fueled by successive breakouts of consolidation patterns, including the breakout from the descending wedge around mid-November.
I’ve identified key support and resistance levels to watch. The immediate resistance is at 93,265.64, which aligns with the high of this current upward move. On the downside, the immediate support is S1 (85,000), followed by S2 (71,880.41) and S3 (65,382.48). A deeper correction could see the price test S4 (57,000) or even S5 (49,000), but such a move would only occur under significant bearish conditions.
The MACD (12, 26) indicator at the bottom of the chart reflects strong bullish momentum, with the MACD line far above the signal line. Additionally, the histogram bars are wide and positive, which confirms the strength of the ongoing rally. However, such extended momentum may also indicate overbought conditions, suggesting a potential short-term pullback or consolidation to stabilize the price.
The rising channel drawn on the chart indicates the price is respecting the trendline support. A break below S1 or this trendline would be the first signal of a possible correction. Conversely, a breakout above the current resistance could propel Bitcoin toward new highs beyond the 100,000 psychological level.
In conclusion, I remain bullish on BTC/USDT in the short term, but I am cautious about a potential pullback or consolidation phase as the price approaches key resistance levels. A sustained breakout above 93,265.64 would confirm further upside, while a breakdown below 85,000 would suggest a need for caution, with possible support levels at S2 and S3 acting as areas for re-entry.
I’ve identified key support and resistance levels to watch. The immediate resistance is at 93,265.64, which aligns with the high of this current upward move. On the downside, the immediate support is S1 (85,000), followed by S2 (71,880.41) and S3 (65,382.48). A deeper correction could see the price test S4 (57,000) or even S5 (49,000), but such a move would only occur under significant bearish conditions.
The MACD (12, 26) indicator at the bottom of the chart reflects strong bullish momentum, with the MACD line far above the signal line. Additionally, the histogram bars are wide and positive, which confirms the strength of the ongoing rally. However, such extended momentum may also indicate overbought conditions, suggesting a potential short-term pullback or consolidation to stabilize the price.
The rising channel drawn on the chart indicates the price is respecting the trendline support. A break below S1 or this trendline would be the first signal of a possible correction. Conversely, a breakout above the current resistance could propel Bitcoin toward new highs beyond the 100,000 psychological level.
In conclusion, I remain bullish on BTC/USDT in the short term, but I am cautious about a potential pullback or consolidation phase as the price approaches key resistance levels. A sustained breakout above 93,265.64 would confirm further upside, while a breakdown below 85,000 would suggest a need for caution, with possible support levels at S2 and S3 acting as areas for re-entry.
Penafian
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