Technical Analysis: Aiming for the 140136.1 Target
2024-12-20
Category: None

We still believe that the 90419.3 level on  BINANCE:BTCUSDT.P  serves as a strong support point that could drive the price toward the next target at 140136.1. The current technical analysis supports this scenario based on the following factors:

Overall Trend:
The uptrend remains intact, with prices holding above the 50-day and 200-day simple moving averages, reinforcing the potential for continued bullish momentum.

Support and Resistance Levels:

Key Support: 90419.3 (a pivotal level).
First Resistance: 110000 (a psychological level likely to encounter selling pressure).
Second Resistance: 140136.1 (the expected target).
Technical Indicators:

RSI (Relative Strength Index): Shows positive momentum and remains below overbought territory, leaving room for further upside.
MACD: Displays bullish signals with a positive crossover above the zero line, indicating continued upward momentum.
Volume: Suggests increased buying interest near the current support levels, strengthening the likelihood of a bounce.
Chart Patterns:
A potential "Bullish Flag" formation is observed on daily timeframes, supporting the case for achieving higher targets once the upper resistance line of the pattern is breached.

Possible Scenarios:
Bullish Scenario:
If the price holds above 90419.3 and gains sufficient momentum, we may see a gradual rise toward 110000 initially, followed by a move toward 140136.1 in the medium term.

Bearish Scenario:
A break below 90419.3 could trigger a corrective move toward the next support level at 85000, delaying the upward targets.

Recommendations:
Closely monitor the 90419.3 level as a critical pivot point.
Set stop-loss orders below this level to safeguard open trades.
Consider adding long positions incrementally if strong support signals emerge on shorter timeframes.