#TradingAnalysis101 #Bitcoin is currently trading at $88,112, down 6.12%, after breaking below key support levels. The price hit a 24h low of $87,432, signaling strong selling pressure.
Key Levels to Watch:
Resistance: $90,800 ā A breakout could push BTC toward $92,500 and $95,200
Support: $87,000 ā A breakdown may lead to further downside toward $85,500 and $84,200
Market Insights:
Parabolic SAR: Clearly bearish, suggesting continued downside pressure$BTC
MACD: Deep in negative territory, indicating strong downward momentum
Volume: Selling volume remains high, increasing the risk of further declines
Trade Setup:
Long Entry: Above $90,800, targeting $92,500 and $95,200
Short Entry: Below $87,000, with downside targets at $85,500 and $84,200
Stop Loss: $89,000 to manage risk
Bitcoin is at a critical level, and traders should wait and for a confirmed move before taking positions.