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Bitcoin/US Dollar (BTC/USD) Chart Analysis
Exchange: Binance
Timeframe: 4-hour
The chart displays the price movements of Bitcoin against the US Dollar over a 4-hour timeframe on Binance. Key elements of the chart include previous highs, lows, and current price action.
Chart Analysis
- Resistance Level: Approximately $66,000
- Support Level: Approximately $59,000
- Current Price: Trading around $60,582
The trend appears bearish as the recent price action is below the resistance level and there has been a series of lower highs and lower lows. The price is currently hovering just above a key support level, indicating potential for further downside if this support fails.
Trading Strategy
- Entry: Consider entering a short position if the price breaks below $59,000 with strong volume.
- Stop-Loss: Place a stop-loss order around $61,500 to manage risk.
- Target: Aim for a target near $55,500 if the price continues downward momentum.
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