Long on BTC - Bullish Setup
2025-02-04
Category: None

I am currently long on Bitcoin (BTC) against Tether (USDT) based on the following analysis:

Chart Analysis: The chart shows a recent downtrend but BTC is currently trading at $99,665.0 with a slight decrease of -1.61%. However, there are signs of potential reversal:
The price has bounced off the support level around $98,513.1, which is a positive sign.
The RSI (Relative Strength Index) is at 55.84, indicating that BTC is neither overbought nor oversold, providing room for upward movement.
Volume has increased recently, suggesting growing interest and potential for a bullish move.
Key Levels: 
Resistance: The next significant resistance levels are at $100,223.6 and $102,512.4. Breaking above these could confirm a stronger bullish trend.
Support: Immediate support is at $98,513.1, with further support at $97,000.
Strategy: My strategy is to hold long positions, anticipating a breakout above the resistance levels. I am watching for a close above $100,223.6 to confirm my bullish thesis.
Risk Management: Stop loss is set below the recent low at approximately $97,000 to manage risk.

Keep an eye on this setup, and let's see if BTC can push through the resistance and continue its upward trend. Feel free to share your thoughts or analysis below!