Bitcoin overheating is prone to rapid decline and explosion
2024-12-17
Category: None

BTCUSD Analysis – Key Resistance Area in Focus
Bitcoin (BTCUSD) is currently trading near a major resistance zone around 108,000, after maintaining strong bullish momentum over the past sessions.
Technical Overview:
Resistance Zone: 108,000 – 108,200 (Red Zone)
Support Levels:
First Support: 106,400
Second Support: 104,800
Key Support Zone: 102,500 – 102,000
Trade Outlook:
Price has approached the key resistance area, where a rejection could lead to a pullback towards the 106,400 and 104,800 support zones.
If Bitcoin breaks above 108,200 with strong momentum, further upside movement could occur, opening the door to 110,000+.
Trade Idea:
Short Opportunities: Look for sell setups if price rejects 108,000 with confirmation.
Stop Loss: Above 108,500 to protect against breakout.
Take Profit Targets:
TP1: 106,400
TP2: 104,800
TP3: 102,500
Notes:
Monitor price action and volume closely near resistance. A clean breakout or strong rejection will dictate the next direction.
Stick to your risk management plan and trade carefully.