$BTC USDT Trade Signal ā š¶š
$BTC is trading at 79,425.95 USDT, with a +3.90% increase in the last 24 hours.
24h High and Low: BTC reached a high of 79,788.96 USDT and a low of 75,714.66 USDT in the last 24 hours, indicating strong volatility.
There is a visible resistance around the 79,788 level, where BTC has struggled to maintain upward momentum. It pulled back after touching this high, suggesting that this level could act as resistance in the short term.
Suggested Trade Signal
For Long (Buy) Positions:
Wait for a Pullback: Given the high RSI and proximity to resistance, it may be wise to wait for a pullback to a support level, such as around 78,800 or even 77,650, before considering a new long position.
Entry Point: If BTC pulls back to support and holds above 78,800, this could present a buying opportunity if confirmed by bullish reversal patterns or increased volume.
Stop-Loss: Place a stop-loss just below the support level (e.g., around 78,500) to manage downside risk.
For Short (Sell) Positions:
Short Near Resistance: If BTC fails to break the resistance at 79,788 and shows signs of reversal (e.g., bearish candles or a decline in RSI), consider a short position for a potential pullback.
Target Levels: Potential downside targets could be the support areas around 78,800 or 77,650.
Stop-Loss: A stop-loss just above 79,800 would limit risk in case of a breakout above resistance.
If BTC breaks above the 79,800 resistance with increased volume, this could signal further bullish momentum. In this case:
Consider a Buy Entry above 79,800, with a target towards the psychological level of 80,500 or higher.
Stop-Loss: Place a stop-loss slightly below 79,500 to manage risk if the breakout turns out to be false.
Wait for a pullback for long positions; consider a short position near resistance with tight stop-losses if bearish signals appear.
Monitor for changes in volume to confirm either a breakout or a reversal.
