Technical Analysis & Indicators
Current Price: WBTC/USDT is trading at 73,736.83 USDT, showing a significant +7.42% increase over the past day, suggesting strong bullish momentum.
Support and Resistance Levels:
Support: The immediate support level is around 69,451.81 USDT, which could act as a key level if a retracement occurs.
Resistance: The next resistance level is observed at 75,260.40 USDT. A breakout above this level could indicate further upside potential.
Moving Averages (MA):
MA(5): 87.23701
MA(10): 52.66169
The price is well above both the 5-period and 10-period MAs, which supports a bullish outlook.
Volume: The recent volume spike shows an increase in buying activity, strengthening the bullish trend.
2. Target Levels
Target 1 (Short-Term): 75,500 USDT
If the bullish momentum continues, WBTC/USDT may test the 75,500 resistance, a key level for short-term traders.
Target 2 (Mid-Term): 78,000 USDT
Upon breaking and sustaining above 75,500, the price may move toward 78,000, where some traders could consider taking profits.
Target 3 (Long-Term): 80,000 USDT
In a highly bullish scenario, breaking 78,000 could lead to an extended rally to 80,000, aligning with historical resistance.
3. Trade Signal Recommendation
Recommendation: Buy on Breakout
Consider entering a position if WBTC/USDT breaks above the 75,260 resistance level with strong volume, which would confirm further bullish continuation.
Conclusion
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WBTC/USDT shows a strong upward trend supported by increasing volume and positive price movement. Traders should monitor the 75,260 resistance for a breakout, with targets at 75,500, 78,000, and 80,000 USDT. A close below the 69,451 support level, however, could indicate potential weakness and a possible trend reversal.
