Bitcoin Daily Chart Analysis
Based on the chart, here are the identified support and resistance levels for intraday trading:
Strong Resistance Levels:
1. $69,490 - This is the highest point in the recent uptrend, a significant resistance level. If Bitcoin breaks above this, it could rally toward new highs.
2. $68,400 - $68,500 - Currently, Bitcoin is testing this area, which has shown resistance multiple times in the past. Watch for a break above this level for long trades.
Strong Support Levels:
1. $64,000 - A strong support level, tested multiple times in the chart. If Bitcoin drops to this range, it could present a buying opportunity.
2. $58,400 - $59,000 - This zone held multiple times and served as a key pivot area. A break below could indicate further downward movement.
Intraday Trading Strategy (Spot Trading):
Entry (Long Position): Consider entering around $64,000 - $64,500 if Bitcoin corrects to this level, as it has served as a solid support point.
Exit: Look to exit around the $68,000 - $69,000 range, given its strong resistance history.
Intraday Trading Strategy (Futures Trading):
For Long Positions: If the price breaks above $68,500, enter a long position, aiming for $69,500+. Ensure tight stop-loss just below $68,000.
For Short Positions: If Bitcoin fails to break $68,500, a short trade could be initiated with a target around $64,000, using a stop-loss around $68,600.
Key Considerations:
Trend Confirmation: Always confirm momentum with indicators like RSI or volume before entering a position.
Market Sentiment: Watch for any news or developments that may impact Bitcoin's price, as large moves can be triggered by sentiment shifts.