$BTC /USDT Hereโs a detailed trade setup for Bitcoin (BTC) as of the current price level around $103,719:
๐ Technical Overview
Trend: Bearish on the 1-hour timeframe
Current Price: ~$103,719
Recent High/Low: $105,888 / $100,781
๐ Indicators
50 EMA: Trending downward (around $104,500)
200 SMA: Also downward, indicating a persistent bearish bias
RSI (Relative Strength Index): Around 32 โ approaching oversold territory, signaling potential bounce or further selling
MACD: Negative histogram, showing continued bearish momentum
โ ๏ธ Support & Resistance
Support Levels:
$102,500: Short-term support
$100,500: Stronger, psychological support
Resistance Levels:
$105,000: Immediate resistance
$106,000: Key resistance to watch for potential trend reversal
๐ Trade Setup
๐ป Bearish Scenario
Entry: Short position below $103,500 if BTC fails to bounce or shows rejection at resistance ($105,000).
Target: First target at $102,500, extended target at $100,500.
Stop-Loss: Above $105,000 (to limit risk if BTC breaks resistance).
๐บ Bullish Scenario
Entry: Long position if BTC closes a 1-hour candle above $105,000 with high volume.
Target: First target at $106,000, extended target at $107,500.
Stop-Loss: Below $104,000.
๐ Notes
โ Use proper position sizing โ risk only a small percentage of your capital (e.g., 1-2% per trade).
โ Watch for confirmation with volume โ false breakouts are common.
โ Keep an eye on broader market news (like economic data or regulatory developments) that could influence volatility.
