$BTC 📊 Bitcoin (BTC) Trade Setup – May 2, 2025

🔍 Technical Analysis

Trend Overview:

• Breakout Patterns: BTC has recently broken out from a descending channel and pennant pattern, indicating bullish momentum.

• Volume Consideration: Despite the breakout, trading volumes remain relatively low, suggesting caution.

Key Levels:

• Resistance:

• $98,500: Immediate resistance level to watch.

• $100,000: Psychological barrier and significant resistance.

• $107,000: Next major resistance if $100,000 is breached.

• Support:

• $95,000: Current minor support level.

• $92,000: Strong support zone.

• $85,000: Critical support; a break below could indicate a trend reversal.

Indicators:

• Relative Strength Index (RSI): Suggests strong price action but approaching overbought territory.

• Moving Averages: BTC is trading above its 50-day and 200-day moving averages, supporting a bullish outlook.

🛠️ Trade Strategies:

Bullish Scenario:

• Entry Point: Consider entering a long position if BTC breaks and sustains above $98,500.

• Target: $107,000.

• Stop-Loss: Below $95,000 to manage risk.

Bearish Scenario:

• Entry Point: If BTC fails to hold above $95,000 and breaks below $92,000, consider short positions.

• Target: $85,000.

• Stop-Loss: Above $95,000 to limit potential losses.

⚠️ Risk Management

• Volatility: Bitcoin’s price can be highly volatile; ensure positions are sized appropriately.

• News Sensitivity: Stay updated with global economic news and regulatory developments that could impact BTC’s price.

Avoid overexposure to a single asset; diversify your portfolio to manage risk.