$BTC #Bitcoin Pullback or Breakout Setup? Key Levels to Watch After Recent Rally
Bitcoin (BTCUSDT) is currently trading around $92,500 after a strong upward move that touched $94,900. However, short-term charts are now signaling a potential pause or pullback in the momentum.
Key Observations:
4H Chart: Price is pulling back from the upper Bollinger Band. The latest red candles suggest selling pressure after a vertical rise. RSI (55) is still neutral, but Stochastic is turning downwards, indicating potential cooling off.
1H Chart: MACD is bullish but flattening. RSI (76.1) and Stochastic (94.0) are both in the overbought zone, warning of short-term exhaustion.
Market Sentiment: The long/short ratio shows dominance of short accounts over the last few days, potentially fueling a short squeeze scenario if bulls defend support.
Open Interest (OI): Stable OI indicates sustained trader interest, but no aggressive buildup.
Important Levels:
Support: $90,300 and $88,000
Resistance: $94,900 (recent high) and $96,000 (Bollinger upper band)
Conclusion: BTC remains bullish on higher timeframes, but traders should watch for short-term volatility. A healthy retracement to support could provide a strong re-entry opportunity if momentum resumes.
Stay sharp and manage your leverage wisely!
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