here’s a technical outlook on whether it’s worth buying Bitcoin in the short term:
Price Recovery:
BTC is rebounding from recent lows and is approaching a key resistance zone around $104,000–$109,000.
Trading at $103,669.96, up +4.47%, showing strong recent momentum.
Moving Averages:
Price is above all major EMAs (7, 25, 99), showing bullish trend continuation.
EMA(7) = $95,544.28, well below the current price — strong upward momentum.
MACD:
Positive crossover, with MACD = 2,224.23 and DIF = 2,147.66, indicating strengthening bullish momentum.
Bearish/Neutral Caution (Overbought Conditions):
RSI Levels:
RSI(6): 87.29 — overbought.
RSI(12): 70.73 — also in overbought territory.
This implies potential for a short-term pullback or consolidation.
Stochastic RSI:
Near max value: 100.00, suggesting BTC is overextended and may cool off soon.
Conclusion:
Short-Term Entry: Risky to enter at this exact moment due to overbought indicators. A small pullback is likely before any further breakout.
If Already Holding: You may want to hold and watch for a breakout above $109,000 or tighten stop-loss to secure profits.
If Waiting to Enter: Consider waiting for a retracement to around $97,000–$99,000 support zone before entering.
Entry Strategy (Conservative & Safer Option):
Ideal Entry: Around $97,000–$99,000
This aligns with previous consolidation and a pullback zone, offering better risk-reward.
Aggressive Entry (Breakout Play): Enter if BTC breaks and closes above $104,500–$105,000 on strong volume.
Stop-Loss:
Place it below recent support or EMA cluster.
For conservative entry: $95,000
For aggressive breakout: $101,500
Take-Profit Targets (Short-Term):
TP1: $106,800 (recent swing resistance)
TP2: $109,500 (3-day chart top)
TP3 (optional): $113,000 (psychological & Fibonacci extension zone)
DYOR
