BTC at a Crossroad: Bounce or Drop to $57,885?
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The BTC/USD 4-hour chart shows several key technical patterns that can guide a trading strategy:
Resistance and Downtrend: There is a visible resistance zone around $62,441, marked by the red area and a descending trendline. The price has previously reacted at this level and rejected it, indicating that sellers are currently in control around this region. Any attempt to break above will face resistance, and short positions can be initiated near this level.
Support Zones: The $57,885 level is a crucial support area. If the price falls below the current zone (around $60,800), we can expect it to test the $57,885 support. A break below this support would open up more downside potential, possibly triggering stronger sell-offs.
Potential Rebound: The blue path shows a possible bounce from the $60,800 region, leading to a brief upside before hitting resistance again. However, unless BTC can decisively break above the $62,441 level, this upside is likely to be limited.
Strategy:
Short Position: Enter near $62,247 - $62,441, with a target towards $60,800 or lower. Tight stop loss just above the descending trendline.
Long Position: Consider entering near the $57,885 support if the price holds, targeting a potential recovery back to $60,800.
Resistance and Downtrend: There is a visible resistance zone around $62,441, marked by the red area and a descending trendline. The price has previously reacted at this level and rejected it, indicating that sellers are currently in control around this region. Any attempt to break above will face resistance, and short positions can be initiated near this level.
Support Zones: The $57,885 level is a crucial support area. If the price falls below the current zone (around $60,800), we can expect it to test the $57,885 support. A break below this support would open up more downside potential, possibly triggering stronger sell-offs.
Potential Rebound: The blue path shows a possible bounce from the $60,800 region, leading to a brief upside before hitting resistance again. However, unless BTC can decisively break above the $62,441 level, this upside is likely to be limited.
Strategy:
Short Position: Enter near $62,247 - $62,441, with a target towards $60,800 or lower. Tight stop loss just above the descending trendline.
Long Position: Consider entering near the $57,885 support if the price holds, targeting a potential recovery back to $60,800.
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