BTC/USDT Daily Chart Analysis
Higher-Lows (Bullish Bias): BTC has traced a series of higher lows since April, drawing an ascending support line. This pattern of rising dip levels indicates buyers stepping in earlier each time.
Key Resistance: The mid-May peak near ~110,000 USDT is a clear resistance pivot. Price needs a decisive daily close above this level to confirm a breakout.
RSI (14): The Relative Strength Index sits around 50 – the neutral midpoint. (RSI above 50 implies bullish momentum; below 50 is bearish.) Current RSI near 50 suggests neither overbought nor oversold, so there’s room for momentum to pick up if bulls dominate.
Volume: Notice that recent rallies up to resistance have occurred on diminishing volume, a classic warning sign. As Investopedia notes, rising prices on falling volume often mean the uptrend is weakening. In other words, buying pressure has been lighter on the way up, so a stronger catalyst is needed to push higher.
Entry Point: A clean long entry is to go long on a confirmed breakout – for example, a daily close above ~110,000 USDT accompanied by solid volume. This ensures the resistance level is cleared with conviction.
Exit/Target: The first upside target is the zone of recent highs (~115–120k USDT). Using the measured-breakout technique (pattern height added to the breakout point) supports a target around this range. In practice, that means booking profits near the mid-May peak (~115k) or slightly higher (~120k) once the breakout is confirmed.
Trade confidently on the break of resistance: a move above 110k with strength can fuel the next leg up, backed by the bullish structure (higher lows) and neutral RSI.
For more analyses, use referral code BP1JL78IIC on Binance for exclusive perks!
#BTC #BinanceSquare #CryptoTrading #Bitcoin #CryptoStrategy
Higher-Lows (Bullish Bias): BTC has traced a series of higher lows since April, drawing an ascending support line. This pattern of rising dip levels indicates buyers stepping in earlier each time.
Key Resistance: The mid-May peak near ~110,000 USDT is a clear resistance pivot. Price needs a decisive daily close above this level to confirm a breakout.
RSI (14): The Relative Strength Index sits around 50 – the neutral midpoint. (RSI above 50 implies bullish momentum; below 50 is bearish.) Current RSI near 50 suggests neither overbought nor oversold, so there’s room for momentum to pick up if bulls dominate.
Volume: Notice that recent rallies up to resistance have occurred on diminishing volume, a classic warning sign. As Investopedia notes, rising prices on falling volume often mean the uptrend is weakening. In other words, buying pressure has been lighter on the way up, so a stronger catalyst is needed to push higher.
Entry Point: A clean long entry is to go long on a confirmed breakout – for example, a daily close above ~110,000 USDT accompanied by solid volume. This ensures the resistance level is cleared with conviction.
Exit/Target: The first upside target is the zone of recent highs (~115–120k USDT). Using the measured-breakout technique (pattern height added to the breakout point) supports a target around this range. In practice, that means booking profits near the mid-May peak (~115k) or slightly higher (~120k) once the breakout is confirmed.
Trade confidently on the break of resistance: a move above 110k with strength can fuel the next leg up, backed by the bullish structure (higher lows) and neutral RSI.
For more analyses, use referral code BP1JL78IIC on Binance for exclusive perks!
#BTC #BinanceSquare #CryptoTrading #Bitcoin #CryptoStrategy
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
BTC
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