🟠 $BTC -USDT Daily Chart Analysis 🟠

🗓️ Chart date: Friday, July 12, 2024, 18:40 UTC+7

Chart: 1h

#SixSixxSix_analytics #BTC #bitcoin☀️ $BTC

Current Price: $57,010.00

Trend: Sideways with a bullish bias

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Support Zones:

-> Support 1: $56,740.60 - $56,500.10

-> Support 2: $54,243.10 - $50,000.00

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Resistance Zones:

-> Resistance 1: $57,034.00 - $57,800.00

-> Resistance 2: $57,800.00 - $59,780.00

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Predicted Market Movement:

-> Short-Term (1-3 days): Price is likely to target resistance zone 1 at $57,034.00 - $57,800.00. A breakout above this zone suggests a continuation of the sideways trend with a bullish bias, potentially reaching $58,500.00 (increase of 3%).

-> Mid-Term (1-2 weeks): If resistance 1 is broken, price could reach resistance zone 2 at $57,800.00 - $59,780.00. A successful breach indicates a strong uptrend, potentially reaching $63,000.00 (growth of 11%).

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Entry Points:

-> Aggressive Entry: If the price breaks above resistance zone 1 convincingly (e.g., daily close above $57,800.00), a long entry around $58,000.00 could be considered with a stop-loss below support zone 1 ($56,500.10).

-> Conservative Entry: Wait for a potential pullback towards the upper range of support zone 1 ($56,740.60 - $56,500.10) before entering a long position. This offers a better risk-reward ratio.

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The daily candle is a shooting star candlestick, which is a reversal signal. However, the shooting star appeared at the end of a sideways trading range, and the overall price movement suggests a bullish bias. The EMA indicators are still clustered together, but the EMA-7 is starting to curve upwards, indicating a possible bullish trend developing. The RSI is at 43.3, indicating that the market is neither overbought nor oversold.

Overall, the chart suggests a potential breakout opportunity above resistance zone 1. However, traders should be cautious due to the shooting star reversal signal and wait for confirmation before entering a long position.