The Bitcoin (BTC/USDT) 4-hour chart presents a critical moment for traders and investors. The highlighted zones and recent price movements indicate that BTC is testing key resistance levels, signaling potential future price action.
Key Observations:
1. Resistance Zones:
- Two horizontal resistance zones are clearly marked on the chart.
- The upper resistance zone (~$100,000 - $102,000) has historically acted as a strong supply area, preventing BTC from breaking higher in past attempts.
- The lower support-turned-resistance zone (~$97,000 - $99,000) was a significant level where price previously consolidated and faced rejection.
2.Recent Price Action:
- BTC recently broke through the lower resistance zone, indicating bullish momentum.
- The price is currently retesting the upper resistance zone, suggesting a critical decision point for bulls and bears.
3. Bullish Momentum:
- The sharp recovery from lower levels (~$93,000) signals strong buying interest.
- If BTC breaks and closes above the upper resistance zone, it could trigger a significant rally.
4. Potential Scenarios:
-Bullish Breakout: If BTC sustains above $102,000, the next major targets could be $105,000 and $110,000.
-Bearish Rejection: Failure to break the upper resistance could lead to a retest of the $97,000 support zone or even lower levels.
5. Volume and Confirmation:
- Watching the trading volume during this breakout attempt is crucial. A breakout accompanied by strong volume would confirm bullish strength.
#Trading Strategy Recommendations:
-Bullish Bias:Traders can look for long positions if BTC breaks and retests the upper resistance as support, targeting $105,000 and beyond.
- Bearish Bias: Short positions may be considered if BTC shows rejection at the resistance zone, aiming for $97,000 or lower.
-Risk Management: Stop-loss orders should be placed just below key support levels to mitigate downside risk.
Bitcoin is at a decisive level. A breakout above the resistance could signal a strong bullish continuation, while rejection could bring a corrective move. Traders should stay alert and watch for confirmation signals before entering trades.
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