Technical Analysis for Bitcoin (BTC/USDT) with trade plan

4 de jul.

Technical Analysis for Bitcoin (BTC/USDT)

Overview:
The chart indicates that Bitcoin (BTC/USDT) has formed a falling wedge pattern, which is typically a bullish reversal pattern. The price has recently hit a second bottom within the wedge and is showing signs of a potential breakout.

Key Levels:
Support Levels:

Immediate support around $58,000.
Stronger support at the lower boundary of the wedge around $55,000.
Resistance Levels:

Immediate resistance around $60,000.
Major resistance at $62,500.
Target resistance levels at $67,500 and $72,500 after a confirmed breakout.
Indicators:
Volume:

Volume is relatively steady, with potential for an increase during breakout attempts.
Market Cipher B (MCB):

The MCB indicator shows a potential divergence and has bottomed out, suggesting a potential reversal.
Relative Strength Index (RSI):

RSI is currently around 29.65, indicating oversold conditions and a potential for upward movement.
Stochastic RSI:

Stochastic RSI is showing a bullish crossover, indicating a potential for upward price movement.

Trading Plan:

Intraday Trading:
Entry:
Look for a bounce from the immediate support around $58,000 or a confirmed break above $60,000.
Stop-Loss:
Place a stop-loss slightly below the support at $57,500.
Targets:
First target at $60,000.
Second target at $62,500.

Scalping:
Entry:
Enter long positions on small pullbacks or breakouts above key resistance levels (e.g., $58,500 and $60,000).
Stop-Loss:
Tight stop-loss around $57,800.
Targets:
First target at $59,500.
Second target at $60,500.
Exit positions quickly if momentum slows.

Swing Trading:
Entry:
Wait for a confirmed breakout above the falling wedge, ideally above $60,000.
Stop-Loss:
Place a stop-loss below the recent swing low at $55,000.
Targets:
First target at $67,500 (mid-term resistance).
Second target at $72,500 (long-term resistance).
Conclusion:
The current technical setup for Bitcoin suggests a potential bullish reversal with a possible breakout from the falling wedge pattern. Intraday and scalping strategies should focus on key support and resistance levels with tight stop-losses. Swing trading offers a more significant upside potential if the breakout above $60,000 is confirmed. Monitoring volume and price action closely around these levels will be crucial for making informed trading decisions.

Advice for Long Position:
Confirmation: Ensure a confirmed breakout above $60,000 before entering long positions.
Risk Management: Use appropriate stop-losses to manage risk effectively.
Targets: Aim for targets at $67,500 and $72,500 for swing trades, adjusting stops as the trade progresses.
By following this plan and keeping an eye on market conditions, traders can capitalize on the potential bullish reversal in Bitcoin.