BTC/USDT Technical Analysis - February 21, 2025
Current Price:
98,360.7 USD (+1.26%)
Price is in an uptrend with strong buying pressure.
Technical Summary:
Moving Averages:
Strong Buy (12 Buy, 0 Sell)
Short-term MA (5, 10, 20) are all above 98,200, indicating bullish momentum.
Long-term MA (50, 100, 200) show support around 96,289 – 97,621, confirming an upward trend.
Technical Indicators:
Neutral (3 Buy, 3 Sell)
RSI is at 52.9, indicating neutral momentum but slightly leaning towards bullish.
Pivot Points:
Resistance Levels (Classic):
R1: 98,408
R2: 98,496
R3: 98,635
Support Levels (Classic):
S1: 98,181
S2: 98,043
S3: 97,955
The pivot point at 98,269 is a crucial level for potential price reactions.
Market Outlook & Trading Plan:
Bullish Trend Confirmation:
Price is trading above key moving averages, suggesting continued bullish momentum.
Strong Buy signals on all timeframes (hourly, daily, weekly, monthly).
Entry Points:
Aggressive Buy: Around 98,181 - 98,043 (S1-S2 range) if price retraces.
Conservative Buy: On breakout above 98,496 - 98,635 with volume confirmation.
Target Levels:
Short-Term: 98,635 - 98,800
Mid-Term: 99,000+ if bullish momentum continues.
Risk Management:
Stop loss below 97,955 (S3 level) to minimize downside risk.
Watch for volume confirmation before entering a breakout trade.
Conclusion:
BTC/USD remains in a strong bullish trend, supported by moving averages and pivot points. If BTC holds above 98,181, it could push towards 98,800 - 99,000. Traders should look for entry opportunities near support levels or after a confirmed breakout.
