Hey Binance Square family! š
Bitcoin (BTC) has been on a bullish run, but recent price action suggests a potential shift. Let's dive into the technicals to understand what's happening.
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š Current Market Snapshot
Price: $105,074
24h Change: -0.02677%
Intraday High: $108,865
Intraday Low: $105,074
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š Technical Analysis: Potential Short Setup
BTC is currently testing a significant resistance zone between $108,000 and $109,000. This area has previously acted as a strong barrier, and price action is showing signs of rejection. A failure to break above this resistance could lead to a pullback.
Key Levels:
Resistance: $108,000ā$109,000
Support: $104,000
Stop Loss: Above $109,500
Take Profit Targets: $102,000, $100,000
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š Trade Setup
1. Entry: Consider entering a short position near the $108,000ā$109,000 resistance zone.
2. Stop Loss: Place a stop loss above $109,500 to manage risk.
3. Take Profit: Set take profit targets at $102,000 and $100,000, aligning with previous support levels.
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ā ļø Risk Management
Confirmation: Wait for a bearish candlestick pattern or rejection at the resistance zone before entering.
Volume: Ensure that the rejection is accompanied by increased selling volume for confirmation.
Market Conditions: Be aware of overall market sentiment and news that could impact BTC's price action.
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Please note that cryptocurrency investments carry risks. Always conduct thorough research and consider your risk tolerance before investing.
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