BTC: Approaching Support

BINANCE:BTCUSDT   Bitcoin / TetherUS
Trade setup: Trends are mixed. Price made a lower low, which disrupted the Uptrend. Following the approval of 10 Bitcoin Spot ETFs, price broke above $45K, spiked up 9% to 49K where it got rejected as traders began to take profits. Price has pulled back on “sell the news” effect to $38K - 40.5K support zone, giving us another opportunity for swing entry, with 12-25% upside potential near-term to $45K or $50K. Stop Loss (SL) level at $37K (just below support).

Trend: Downtrend on Short-Term basis, Neutral on Medium-Term basis and Uptrend on Long-Term basis.

Momentum is Bearish but inflecting. MACD Line is below MACD Signal Line and RSI is below 45 but momentum may have bottomed since MACD Histogram bars are rising, which suggests that momentum could be nearing another upswing.

Support and Resistance: Nearest Support Zone is $40.5K, which it broke, then $38K. The nearest Resistance Zone is $45K, then $50K.


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