BTC Technical Analysis on the 1-Hour Timeframe:
1. Overall Trend:
• The price of Bitcoin is trading within significant support and resistance ranges.
• Recent trends indicate a symmetrical triangle pattern with a potential breakdown to the downside.
• Currently, the price shows signs of recovery from the support area near $82,332.
2. Key Areas:
• Main support area: $82,300 - $82,800 and $84,500 - $86,000.
• Main resistance area: $87,500 - $88,000 and $89,500 - $90,000.
Proposed Futures Trading Strategy:
• Long Position:
• Entry Point: When the price breaks and closes above the resistance level of $88,000 with increased trading volume.
• Profit Target: $89,500 - $90,000.
• Stop Loss: $87,000.
• Short Position:
• Entry Point: When the price breaks and closes below the support level of $84,500 with increased trading volume.
• Profit Target: $82,800 - $82,300.
• Stop Loss: $85,500.
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Currently, BTC is in a neutral zone between support and resistance. If there are no signs of a breakout, it is best to wait for a clear signal before entering a trade to reduce risk.
