BTC/USDT Technical Analysis Daily Frame (Based on Chart)
1. Trend summary:
The medium and long-term trend remains bullish, but there are signals of short-term correction.
The price is above the MA50 and MA200 lines, confirming a strong upward trend.
Currently, the price is reacting at the strong resistance zone $104,200 - $105,100.
2. Detailed technical analysis:
Price structure
BTC is forming a 5-wave impulse pattern according to Elliott Wave theory, and may currently be entering an ABC correction phase.
The candle on 15/05 is a distinct Bearish Engulfing candle, confirming selling pressure at a strong supply zone.
Main resistance and support
Near support: $96,000 - $98,000: previous accumulation zone, increasing volume, potential buying zone.
Short-term resistance: $104,200 - $105,100: strong reaction zone from sellers, where large short orders appear.
Next resistance: $106,000 and $109,000 (historical peak early 2025).
Technical indicators
RSI: Currently hovering around 55 – neutral leaning towards bullish. If it drops below 50, a deeper correction may be confirmed.
MACD: Just cut down below the signal line, warning of a potential short-term correction.
Volume: Increasing as price decreases → selling pressure returns at resistance zone.
Liquidation zone
$104,200 – $105,000: Where many short orders are concentrated, breaking out of this zone could trigger short liquidations, pushing prices up quickly.
$96,000 – $98,000: Also a place for many long orders; if broken, it will trigger strong long liquidations, creating selling pressure.
3. Trading setup:
Long
Entry: $96,000 - $98,000
Stop-loss (SL): Below $95,500
TP1: $103,000
TP2: $104,300 - $104,500
Reason:
Strong support zone + reversal candle signal (if it appears)
RSI is not yet oversold, there is still room for growth
Short
Entry: $104,200 - $105,100
Stop-loss: Above $106,000
TP1: $103,000
TP2: $98,000
Reason:
Strong resistance zone + short liquidation + price rejection candle pattern
MACD cutting down signals a short-term reversal
4. Spot trading
Buying suggestion: $96,000 - $98,000
Take profit target: $103,000 - $104,000
Strategy: DCA at support zones, gradually scaling positions. Prioritize deploying 30-50% of capital.
5. Important notes:
Trade according to trend and respond to price zones, do not catch the bottom without confirmation signals.
Prioritize confirmation candles + high volume at support/resistance zones.
Combine with RSI, MACD, volume indicators for higher reliability.