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.
___________________________
✓✓✓ 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
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.