The overall trend appears to be upward, with a significant uptrend from early 2023 onwards.
The price is currently retracing from its recent highs around $73,794, consolidating around the $60,000 level.
Support: There is a notable support zone around $41,110, which was previously a resistance level and has been tested multiple times.
Resistance: The recent high around $73,794 is a significant resistance level.
Volume Profile:
There is a high volume node (point of control) around the $60,000 level, indicating a lot of trading activity and interest at this price level. This often acts as strong support/resistance.
Candlestick Patterns:
Recent weekly candles show indecision and potential bearish reversal patterns, such as doji and bearish engulfing, which suggest caution.
Conclusion and Entry Strategy
Current Price: Around $60,000
Support Zone: $41,110
Resistance Zone: $73,794
Volume Profile Level (POC): Around $60,000
Entry Strategy:
Short-term Entry:
If you are looking for a short-term trade, waiting for a confirmation of support around the $60,000 level could be prudent. Look for bullish candlestick patterns or a bullish crossover in the MACD on a shorter timeframe (daily or 4-hour chart) to enter.
Long-term Entry:
For a longer-term position, entering around the current levels ($60,000) could be considered, especially if the price maintains above the moving average support.
Alternatively, a more conservative approach would be to wait for a pullback to the $41,110 support level, which offers a better risk-reward ratio.
Stop Loss and Targets:
Stop Loss: For short-term trades, a stop loss slightly below the $60,000 level (e.g., $58,000) could be set. For long-term trades, consider a stop loss below the $41,110 support level (e.g., $39,000).
Targets: Initial target could be the recent high of $73,794. Further targets could be based on Fibonacci extensions or historical resistance levels.