Trade Plan for BTC/USDT (4-Hour Chart)
Current Price: $97,024.23
24H Range: $96,577.00 - $102,724.38
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Market Overview:
BTC/USDT has shown a sharp retracement from the $102,000 resistance zone, dropping below $98,000. This indicates increased selling pressure. However, the $96,500-$97,000 range is emerging as a short-term support level. Volume spikes suggest heightened activity during the recent decline, signaling potential volatility ahead.
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Key Levels to Watch:
Support: $96,500, $95,000
Resistance: $98,500, $100,000
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Trading Strategy:
Bullish Scenario:
1. Entry: Long position if BTC reclaims $98,500 with strong volume.
2. Take Profit:
Target 1: $100,000
Target 2: $102,000
3. Stop Loss: Below $97,000 to minimize risk.
Bearish Scenario:
1. Entry: Short position if BTC breaks below $96,500 with volume confirmation.
2. Take Profit:
Target 1: $95,000
Target 2: $93,500
3. Stop Loss: Above $97,500 to limit losses.
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Risk Management:
Use a 1:2 risk-to-reward ratio for each trade.
Allocate a small portion of your portfolio (e.g., 1-2%) for this trade to manage potential losses.
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Trade Analysis:
BTC is currently at a critical juncture, with strong resistance near $98,500 and support around $96,500. A clear breakout or breakdown from these levels will likely dictate the next move. Monitor price action and volume closely for confirmation before entering trades.
Trade safely and plan wisely!
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