BTCUSD Technical Analysis :
Sell Signal Confirmed as Price Retests Lows**
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Stats & Figures :
- Current Price : $98,900 (Resistance Level)
- Recent Drop : -81.12 (-0.08%)
- Key Support Levels : $98,000, $97,500
- Key Resistance Levels : $99,000, $100,000
Analysis :
BTCUSD has recently taken out sell-side liquidity and is now retesting previous lows. The price action suggests a potential drop if strong rejections from the buy-side liquidity occur. The current resistance at $98,900 is critical; a break above this level could indicate an uptrend. However, the overall momentum favors a bearish outlook.
Resistance Levels :
1. $98,900 (Immediate Resistance)
2. $99,000 (Psychological Resistance)
3. $100,000 (Major Resistance)
Conclusion :
The market is showing signs of weakness with repeated rejections at higher levels. Traders should be cautious and consider short positions if the price fails to break above $98,900.
Pro-Tip :
Always set stop-loss orders to manage risk effectively. For this setup, a stop-loss just above $99,000 would be prudent.
Advice to Investors :
Given the current technical setup, it’s advisable to wait for a confirmed break below support levels before entering new short positions. Monitor the price action closely around the $98,900 resistance for potential sell opportunities.
Final Call :
BTCUSD SELL NOW!!!!! The bearish momentum is strong, and the risk-reward ratio favors short positions at current levels. Stay vigilant and manage your risk accordingly.