๐ $BTC has been stuck between $80,600 and $82,900 for several days. What needs to happen for it to break out of the range?
After being rejected around $87,000, Bitcoin is trading near $82,000 and is still below its 50 EMA on the 4-hour chart, which is acting as resistance today (~$82,300).
๐ Levels Iโm watching:
โข Resistance: $82,900 (range ceiling), then $87,000 (the high of the last 20 daily candles).
โข Support: $80,600 and, below that, $79,700 (recent daily low). The daily 50 EMA is around $80,500.
โข RSI: 52 on the 4-hour chart and 49 on the daily chart โ neutral territory, neither overbought nor oversold.
โข Funding: +0.005% โ the futures market isnโt excessively leveraged in either direction.
๐ Bullish scenario: a 4-hour close above $82,900 opens the way to retest $85,000โ$87,000.
๐ Bearish scenario: losing $80,600 would expose the $79,700 area and the daily 50 EMA.
Until it breaks out, the range remains in control. What are you expecting this week? ๐
#Bitcoin #BTC #TechnicalAnalysis #Crypto
โ ๏ธ For informational and educational purposes only; this is not financial advice. Cryptocurrencies are volatile: do your own research and trade with caution.
After being rejected around $87,000, Bitcoin is trading near $82,000 and is still below its 50 EMA on the 4-hour chart, which is acting as resistance today (~$82,300).
๐ Levels Iโm watching:
โข Resistance: $82,900 (range ceiling), then $87,000 (the high of the last 20 daily candles).
โข Support: $80,600 and, below that, $79,700 (recent daily low). The daily 50 EMA is around $80,500.
โข RSI: 52 on the 4-hour chart and 49 on the daily chart โ neutral territory, neither overbought nor oversold.
โข Funding: +0.005% โ the futures market isnโt excessively leveraged in either direction.
๐ Bullish scenario: a 4-hour close above $82,900 opens the way to retest $85,000โ$87,000.
๐ Bearish scenario: losing $80,600 would expose the $79,700 area and the daily 50 EMA.
Until it breaks out, the range remains in control. What are you expecting this week? ๐
#Bitcoin #BTC #TechnicalAnalysis #Crypto
โ ๏ธ For informational and educational purposes only; this is not financial advice. Cryptocurrencies are volatile: do your own research and trade with caution.