$BTC /USDT (2-hour timeframe), technical analysis and trade setup:
Technical Analysis:
1. Price Action:
Current Price: $97,005.44
Strong bullish candle formed from ~$94,000 to $97,000, indicating a surge in buying pressure.
Key Support: $93,377 (recent swing low)
Key Resistance: $97,895 (previous swing high)
2. Trend:
The short-term trend has flipped bullish, confirmed by the strong green candle and increasing volume.
3. Moving Averages:
MA(5): 1,448.19
MA(10): 1,445.96
The short MAs are trending upward with price trading above them — another bullish sign.
4. Volume:
Spike in volume during the breakout indicates strong conviction behind the move.
5. Order Book Sentiment:
91.34% Sell vs. 8.66% Buy on the order book — this suggests a bearish bias in open orders, potentially fueling a short squeeze if the price continues up.
6. Key Indicators (bottom panel):
30-day volume up 20.12%
180-day and 1-year returns are very positive: 27.22% and 53.59% respectively.
Momentum is strong, and likely in overbought territory (you may want to confirm with RSI or MACD, which isn't fully visible).
Trade Setup:
Option A – Long Trade (Momentum Play):
Entry: $96,800–$97,000 (current area or slight dip)
Target 1: $97,895 (previous swing high)
Target 2: $98,121 (next visible resistance)
Stop Loss: Below $95,000 or tighter at $95,500
Option B – Wait for Pullback:
Entry: Around $95,200–$95,500 (if retracement occurs)
Target: Retest of $97,000, then aim for $98,000
Stop Loss: $94,200
Option C – Short Trade (Countertrend scalp):
Only if rejection near $97,800–$98,000
Entry: ~$97,800
Target: $96,200
Stop Loss: $98,300
Risk Note: Given the volume and price spike, a continuation move is more likely in the short term. However, the heavy sell-side order book means volatility may remain high. Use proper position sizing.
