$BTC
Here's the 1-hour Renko chart analysis for BTC/USDT using ATR(14), 844.2:
Current Price:
$107,763.60
Change: -2.01%
Sentiment: 62.4% buyers vs 37.6% sellers (bullish order book sentiment)
Technical Breakdown:
Renko Chart:
The chart has recently printed red bricks, signaling a short-term reversal or pullback.
However, the overall trend since early May is strongly bullish, with a clean series of higher highs and higher lows.
Moving Average Triple:
Price is still above the moving averages, but approaching them closely. This indicates caution — the uptrend is weakening.
MACD:
Bearish crossover has occurred.
Histogram has started to move into the red, and the MACD line is declining — a short-term downtrend or correction is likely.
SuperTrend:
The price seems to be testing or slightly dipping below the SuperTrend line — another early bearish signal, though not a strong one yet.
Trade Recommendation:
Short-Term Bias:
Cautious Sell or Wait-and-Watch
The bullish trend is still intact on higher timeframes, but short-term correction is underway.
Selling now is only viable for a short swing or hedge, not long-term.
Trade Setup:
Sell Entry (Short-Term): $107,700–$107,900 (current level)
Target Price:
Target 1: $106,200 (near recent support zone)
Target 2: $104,800 (previous consolidation area)
Stop Loss:
Above recent high: $110,000
Tighter SL option: $108,800
Alternate Long Entry (If Reversal Confirmed):
If green bricks return and MACD flattens or turns bullish again:
Buy Entry: $108,500–$109,000
Target: $111,000+
Stop Loss: $107,200
Summary:
Trend is bullish overall, but current signals suggest short-term pullback.
If you're holding long, consider placing a trailing stop or hedging short.
If you're looking for a new position, wait for price action confirmation in the next 2–4 candles.
Let me know if you'd like a 4-hour or daily timeframe analysis for confirmation.
