๐ $BTC /USDT 12H Chart Analysis ๐ This is an updated anysis. Please check the previous post on BTC and how it respects all the levels.
๐ฐ Current Price: $99,615 (-5.52%)
๐ Observations from the Chart
1๏ธโฃ ๐ Price Action:
BTC has sharply declined after testing the $105,647 high, pulling back to the $99,615 level.
This drop positions BTC within a critical range, where important support levels must be held to sustain the bullish structure.
2๏ธโฃ ๐ด Key Resistance Levels:
$104,496 - $102,583: These levels represent immediate resistance. A breakout here would likely reignite the bullish rally.
3๏ธโฃ โซ Support Levels to Watch:
$99,319 - $96,774: Key support zone to monitor.
$93,048: Critical support level. If BTC tests this level, it would align with the CME Gap, a common occurrence before significant market moves.
4๏ธโฃ ๐ณ๏ธ CME Gap Significance:
BTC often fills CME Gaps before embarking on massive rallies. The chart suggests this might happen, aligning with historical patterns that precede bull runs ๐.
---
๐ Potential Scenarios
โ 1. Breakout Above Resistance
Trigger: A move above $104,496.
Outcome: Could push BTC toward $110,000 or higher.
โ 2. Retest of Key Supports
Trigger: A failure to hold $99,319.
Outcome: BTC may test the $93,048 level, filling the CME Gap.
๐ 3. Sideways Consolidation
BTC may range between $93,048 and $104,496, building momentum for the next big move.
---
โ ๏ธ Risk Management
Stop Loss for Longs: Below $93,048 to mitigate risks.
Stop Loss for Shorts: Above $102,583 to avoid being trapped by a breakout.
---
๐ ๏ธ Trading Insights
๐ Bullish Setup:
Watch for a break above $104,496 with strong volume.
Target: $110,000
๐ Bearish Setup:
If BTC fails to hold $99,319 and drops below $96,774, short positions could target $93,048 or lower.
---
๐ Final Note
BTC filling the CME Gap could be the precursor to a super bull cycle ๐.
