Bitcoin (BTC/USD) Daily Analysis

Hello Traders 👋

📉 Further Decline Expected in Bitcoin!

1. Current Market Situation:

✅ Bitcoin is currently trading at $84,975.
✅ The price has dropped from the $100,000 - $110,000 resistance zone.
✅ It has tested the $84,000 - $85,000 support zone, but there is a high chance of further decline.

2. Key Levels to Watch:

🔴 Breakdown Level: $78,953 → A break below this could lead to further downside.
🔵 Target Level: $69,978 → A strong support zone.
🟢 Retracement Zone: $85,000 → If price gets rejected here, it could be a sell opportunity.

3. Possible Trading Strategy:

📌 Sell Entry:
• If Bitcoin closes below $78,953, a short trade opportunity arises.
• Confirmation: Strong red candle or rejection from resistance.

🎯 Target Levels:
• First Target: $75,000 (nearest support).
• Second Target: $69,978 (major support).

❌ Stop Loss:
• If entering a short position at $78,953 breakdown, an ideal stop loss is between $82,000 - $83,000.
• Avoid placing a tight stop loss at $85,000, as fake breakouts can happen.

⚠️ Risk Management:
• If Bitcoin moves above $85,000 and holds, it could attempt to go bullish again.
• Large traders might target buying near $70,000 for a potential bounce.

Conclusion:

✅ Bitcoin is showing bearish momentum and could drop further if $78,953 support breaks.
✅ A price decline towards $69,978 is likely in the coming days.
✅ Use a stop loss of $82,000 - $83,000 to avoid getting trapped in fake breakouts.

🚀 Always follow risk management and wait for market confirmation before entering trades!

#Bitcoin #CryptoTrading #BTCUpdate