BTC Bulls Eye Breakout While Bears Hold the Line
2025-01-06
Category: None

BINANCE:BTCUSDT  has been trading within a tight range, reflecting market indecision. Key resistance lies at 99,429.6, followed by 99,600.0 and the psychological level of 102,449.99. On the downside, 98,123.53 and 97,950.01 serve as immediate support, with 97,884.38 as a critical fallback point.

The 9 EMA remains above the 20 EMA, signaling a slight bullish bias. However, the proximity of the two EMAs suggests limited momentum, and traders should watch for a potential crossover, which could shift sentiment.

The MACD histogram shows a positive divergence, indicating strengthening bullish momentum. The RSI, currently in the mid-50s to low 60s, suggests the asset has room to climb before becoming overbought. These indicators align with a cautious bullish outlook.

A break above 99,429.6 could attract bullish interest, with potential targets near 99,600.0 and 102,449.99. Conversely, if the price breaches 98,123.53, short traders might target 97,950.01 and 97,884.38, with stop losses placed just above 99,429.6 to mitigate risk.
