Meddane Hossine's Profile | Binance Square

Considering the attached chart (BTC/USDT on a 1-hour timeframe), we observe the following:

Technical Analysis:

1. Current Trend:

There is a clear upward trend that started from the low on April 7th, approximately at levels close to 76,000 USDT, reaching 88,555 USDT currently.

The price action shows the formation of higher highs and higher lows, which is an upward behavior.

2. Current Resistance Area:

The price is now approaching a resistance area at 88,500 – 89,000, which is the highest point the price has reached recently.

We may witness some fluctuations or corrections from this area.

3. Nearby Support Area:

The nearest support on the current timeframe is at around 86,500, which is the last low before the current upward surge.

Proposed Entry Trade (with caution):

Option 1: Wait for a breakout above resistance

Buy Entry at: 89,200 USDT (breakout confirmation)

Stop Loss: 87,800 USDT

First Target: 91,000 USDT

Second Target: 92,500 USDT

Option 2: Enter from the correction (support):

Buy Entry at: 86,600 – 86,800 USDT (bounce from support)

Stop Loss: 85,700 USDT

First Target: 88,500 USDT

Second Target: 89,500 USDT

Important Notes:

Make sure to have confirmation signals (such as reversal candles or strong trading volume).

Monitor economic news that may affect the crypto market.

Do not risk more than 1-2% of your capital in the trade.

Would you like an analysis on a different timeframe (e.g., 4 hours or daily)?

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