The chart displays the BTC/USDT trading pair on Binance, with a timeframe of 1 hour. Here’s a basic technical analysis:
1. Price Level:
Current price: $100,143.68
Resistance zone: $101,000 - $101,500 (recent high levels).
Support zone: Around $97,000 (recent low levels).
2. Volume-Weighted Average Price (VWAP):
The VWAP line (blue) shows the average price weighted by volume. Currently, the price is near the VWAP, indicating a balance between buying and selling pressure.
3. Trend Analysis:
Uptrend: The price has moved higher recently, creating higher highs and higher lows, particularly from December 5th onwards.
Consolidation: The price seems to be consolidating after a sharp rise.
4. Key Observation:
Sharp dip visible (December 6th) followed by a strong recovery. This indicates potential stop-loss hunting or market manipulation, followed by bullish sentiment.
5. Indicators to Watch:
Breakout above $101,500 would confirm bullish momentum.
Breakdown below $97,000 could signal bearish continuation.
