Futures Market Signals
LONG $BTC BTC entry $92.000
TP1 $94.000 TP2 $95.000
SL $90.000
In the past 12 hours since the price surge to $93.600 during the US trading session, the BTC price has repeatedly tested around the area of $92.000 to $92.100 many times to establish a support level on the way up to $95.000, which has been quite challenging and has failed many times recently (figure 2). Looking at the volume on the hourly chart, the area with the most breakthroughs is also the area of increase/decrease at the level of $92.500 to $92.700 and weakens right after that.
It can be said that in the short term, this is the area of position transfer. If the BTC price continues to struggle and surpasses this area, it will reach $94.000 more easily. The Bollinger Bands on the H1 chart are also widening, encouraging this momentum to the upper band of $93.789.
Looking back at the weekly chart (figure 3), the BTC price struggles most fiercely at the area of $90.000. The time spent breaking below this level is quite short and is quickly pulled back up, maintaining stability right after. SL at this area is also a wise choice at this moment.
