TECHNICAL ANALYSIS BTC🔥🔥
Bitcoin is currently trading around $117,400, a level that represents a key reference point. From a technical standpoint, the nearest support is around $116,000, while the upper resistance is estimated at about $124,000. This range offers an interesting trading opportunity for a long strategy, also considering the confirmation of a short-term bullish trend highlighted by positively crossed moving averages on lower timeframes.
Suggested trading strategy:
Long entry around $117,400.
Take Profit set at two levels: TP1 at 124,000$ (near the last ATH) and TP2 at 127,000$ in case of upper breakout.
Stop Loss below the critical support at 115,500$ to contain risk near the support level.
This setup allows for a trade with good risk management based on the analysis of support and resistance levels. It is advisable to monitor volume and volatility indicators for any confirmations of bullish movement strength and adjust stop loss positioning accordingly.
Always operate with low leverage and always set a stop loss.
