BTCUSD Potential Breakout and Retest - Key Levels to Watch!

Today, we're diving into the BTCUSD Perpetual Contract on Bybit, examining some intriguing technical setups that could hint at Bitcoin's next big move. Strap in as we navigate through critical support/resistance zones and what the Market Cipher B indicator is telling us.

Technical Analysis:

Current Position:

Price: Bitcoin is currently trading around $82,460.

Immediate Levels: There are several crucial horizontal levels that have shown significant market reactions in the past. Notably, resistance near $88,686 and support around $80,609.

Volume Profile Insights:

The visible range volume profile shows high trading activity around the $83,600 mark, indicating it as the Point of Control (POC). This level could play a pivotal role in upcoming sessions, serving as a stiff resistance or support upon retests.

Market Cipher B Analysis:

The Market Cipher B oscillator is showing increasing momentum, with the most recent wave turning upwards. This could be a precursor to bullish behavior if we see a sustained push above the zero line.

Projected Movements:

The drawn-out price path suggests a potential rally towards the $92,500 area, followed by a significant pullback. Traders should prepare for volatility and use this projected path to set strategic stop-loss and take-profit points.

Strategy:

Long Entry: Consider a long position if Bitcoin breaks and holds above the $83,600 POC. Set stop-loss just below $82,460.

Short Scenario: If Bitcoin fails to sustain above the POC and breaks below $80,609, a short position could be favorable, with a stop-loss set just above the breakout level.

Conclusion: Bitcoin's price is at a crossroads, and the next few days could be crucial for setting the tone in the medium term. Keep an eye on the $83,600 level for significant market decisions and adjust your strategies accordingly.

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