The price of BTC is around 66,056, support and resistance areas
1. Support Area: The more noticeable support level below is at 65,834 (24-hour low) and about 64,431 (EMA 7). These price levels are potential support levels that the current market may test.
2. Resistance Area: The main resistance level above is at 67,836 (24-hour high). If the price fails to break through this resistance, it may test lower levels again.
Technical Indicators:
MACD: The fast line and slow line are narrowing, indicating signs of weakening price momentum.
RSI: The index is at 57.14, close to the neutral zone, but if it continues to decline, it may weaken further.
Moving Averages: The price is currently between EMA 7 and EMA 25, with a possibility of short-term decline, but it needs to be seen whether the price can hold the support level around 64,431.
Overall, if the price cannot break through 67,836 in the short term, and the MACD and RSI indicators weaken, there may be a risk of correction, testing lower support.
From a technical analysis perspective, here are the suggested price ranges for going long or buying:
1. Buy near the support level:
Consider placing a buy order around 65,834 (recent low); this is a short-term support level. If the price pulls back to this area and rebounds, it may be a more ideal entry point.
Another stronger support level is at 64,431 (EMA 7), and if the price drops to this area, there may be a stronger rebound opportunity.
2. Enter after confirming a breakout:
If the price successfully breaks through 67,836 (24-hour high) and shows stable upward momentum, consider entering on the breakout. This strategy is to wait for the price to break through the resistance level and confirm the upward trend before entering, but strict stop-loss levels need to be set.
Stop-Loss and Risk Management:
If entering near the support level, the stop-loss can be set below 64,000 to prevent larger corrections after the support fails.
If chasing a breakout, the stop-loss can be set around 67,000 to guard against the risks of a false breakout.
In summary, for short-term trading, entry points can wait for the price to pull back to around 65,834 or observe whether it breaks through 67,836 before entering, and set stop-loss levels strictly according to the trading strategy.
