Current technical observations
The "sweep" of the candlestick: the price $BTC has seen a rapid drop to the $79.801 zone and then strongly retraced. This price action aims to sweep the Stop Loss orders of the Longs before recovering.
Short-term trend: On the 1H chart, BTC is forming a lower high structure. The price is currently attempting to reclaim the $81,000 mark, but the selling pressure here is still quite significant.
RSI Indicator: The RSI (6) is at 64.1 - 67.8, approaching the overbought zone in the short term. This indicates that the recovery from the bottom at 79.8k is facing resistance.
MACD: The histogram is starting to show small green bars, indicating that the downtrend is temporarily halted, but it lacks sufficient strength for an immediate bullish reversal.
2. Key price levels
Resistance: $81,300 - $81,500. This is a convergence zone of previous short-term highs. If this zone is not broken, the price will continue to reverse downwards.
Support: $79,800 - $80,200. This is a strong support zone recently confirmed by the liquidity sweep.
3. Trading strategy (Entry & SL)
Scenario 1: Trade with the recovery (Long)
Entry: Wait for a slight price adjustment and accumulation around the $80,500 - $80,700 zone.
Take Profit (TP): $81,400 and further at $82,200.
Stop Loss (SL): $79,700 (Below the lowest candlestick wick just formed).
Scenario 2: Short when hitting resistance
Entry: If the price retraces to the $81,300 - $81,500 zone but a pinbar or red engulfing candle appears on the 15m chart.
Take Profit (TP): $80,800 and $80,200.
Stop Loss (SL): $81,750 BTC
The "sweep" of the candlestick: the price $BTC has seen a rapid drop to the $79.801 zone and then strongly retraced. This price action aims to sweep the Stop Loss orders of the Longs before recovering.
Short-term trend: On the 1H chart, BTC is forming a lower high structure. The price is currently attempting to reclaim the $81,000 mark, but the selling pressure here is still quite significant.
RSI Indicator: The RSI (6) is at 64.1 - 67.8, approaching the overbought zone in the short term. This indicates that the recovery from the bottom at 79.8k is facing resistance.
MACD: The histogram is starting to show small green bars, indicating that the downtrend is temporarily halted, but it lacks sufficient strength for an immediate bullish reversal.
2. Key price levels
Resistance: $81,300 - $81,500. This is a convergence zone of previous short-term highs. If this zone is not broken, the price will continue to reverse downwards.
Support: $79,800 - $80,200. This is a strong support zone recently confirmed by the liquidity sweep.
3. Trading strategy (Entry & SL)
Scenario 1: Trade with the recovery (Long)
Entry: Wait for a slight price adjustment and accumulation around the $80,500 - $80,700 zone.
Take Profit (TP): $81,400 and further at $82,200.
Stop Loss (SL): $79,700 (Below the lowest candlestick wick just formed).
Scenario 2: Short when hitting resistance
Entry: If the price retraces to the $81,300 - $81,500 zone but a pinbar or red engulfing candle appears on the 15m chart.
Take Profit (TP): $80,800 and $80,200.
Stop Loss (SL): $81,750 BTC