The BTC/USDT chart on the 5-minute timeframe shows a strong upward momentum. The price is currently at $84,236.28, nearing its 24-hour high of $84,539.17. The moving averages (MA) indicate bullish sentiment, with the 7-period MA ($84,221.97) above the 25-period MA ($84,163.04), suggesting a continuation of the uptrend.
The MACD indicator shows bullish momentum, as the MACD line (27.45) is above the signal line (22.34), confirming buying pressure. Additionally, the volume bars indicate increased trading activity, supporting the recent price surge.
A potential resistance level is near $84,500, which could trigger a pullback. If the price breaks this level with strong volume, BTC could rally further. However, a rejection at resistance may lead to a short-term correction toward $84,100 - $84,000, where support levels exist.
Trading Strategy:
Bullish Bias: Enter on a breakout above $84,500 with stop-loss at $84,100.
Bearish Correction: If rejected at resistance, short with a target around $84,000.
Overall, the trend remains bullish, but traders should watch key levels for confirmation before taking positions. $BTC
