Current Price: $99,665 (+0.44%)
Price Magnet: This area acts as a magnet due to its high liquidity. Many participants and algorithmic strategies are expecting the price to reach this level. Market makers are incentivized to move the price toward this area to absorb the liquidity.
Bullish Breakout: A sustained move above $102,500 signals strong bullish momentum, with the next target range at $105,500 to $105,750, offering a significant $3,500 jump between the two levels.
Bullish Above: As long as the price remains above this zone, the market sentiment remains bullish. This area coincides with the developing VWAP (Volume-Weighted Average Price), currently just under $98,500, making it a potential entry point for long positions.
Bearish Breakdown Below Support
Downside Targets: If the price breaks below $96,500, it could lead to a deeper retracement with potential downside targets at $93,700.
Liquidity Drives Price: The resistance zone ($102,000 to $102,500) is a magnet for price due to concentrated liquidity. Market makers may exploit this area to generate significant volume.
Risk Management: Traders should monitor 30-minute candle closes for confirmation of either bullish or bearish trends at critical levels.
Bitcoin futures are positioned in a critical zone, with high liquidity above and solid support below. Traders should remain cautious near resistance levels and monitor price action for signs of strength or weakness. Key levels to watch are $102,000 to $102,500 for potential resistance and $98,500 to $98,000 as a strong support zone. A move above $102,500 opens the door to the next major resistance at $105,500 to $105,750, while a breakdown below $96,500 could signal a bearish reversal toward the next stop at $93,700. Visit ForexLive.com for additional views.
This article was written by Itai Levitan at www.forexlive.com. Read More Details
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