$BTC
To determine the best support entry for Bitcoin today, let's analyze the current market trends and key levels.
Current Price: Bitcoin is trading around $117,900, with a bullish bias above $108,440. The Relative Strength Index (RSI) stands at 75.5, indicating an overbought market but no immediate bearish divergence
Support Levels:
- $115,580: A crucial support level that has previously provided demand and holds liquidity, making it a probable target if bearish pressure follows through.
- $110,527: The 50-period simple moving average (SMA) provides critical support for the current uptrend.
- $108,440: Today's VWAP (Volume Weighted Average Price) acts as a bullish threshold.
Resistance Levels:
- $118,439-$119,000: A supply zone where sellers are stepping in, and a potential area for rejection.
- $120,000-$127,600: Fibonacci extension levels indicating potential upside targets
Potential Trade Insights:
- A short entry targeting the support zone at $115,580 could be considered if the price rejects from the resistance area and forms a lower high, using a stop above $119,000.
- Conversely, if Bitcoin breaks above $119,000 with conviction, the bullish trend may continue, targeting $121.3K, $124.6K, and $127.6K
Given the current market conditions, a potential support entry could be around $115,580, with a stop-loss above $119,000 to limit potential losses. However, it's essential to monitor the price action and adjust your strategy accordingly.