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.