Bitcoin trades at $85583 today. $BTC is above the significant support level of $82350. Discover the next targets.
Support and Resistance Levels for $BTC
Current Bitcoin Price: $85583
| Level | Price (USD) | Description |
|---|---|---|
| Support 1 | $82350 | The 100-day Exponential Moving Average (100 EMA) represents the average price over the last 100 days and indicates market trends over a mid to long term. |
| Support 2 | $79870 | The lower Bollinger Band indicates volatility bands that expand and contract based on market volatility. It represents the lower deviation from the 20-day simple moving average. |
| Resistance 1 | $88120 | The 50-day Exponential Moving Average (50 EMA) represents the average price over the last 50 days and indicates market trends over a short to mid-term. |
| Resistance 2 | $91550 | The upper Bollinger Band represents the upper deviation from the 20-day simple moving average. |
FAQ
What Bitcoin price targets should I consider?
Support is identified at $82350, with resistance near $88120. An extension target is set at $139744.
Is Bitcoin Bullish?
The current market bias is Bearish. The Stochastic RSI is at 18. Resistance is at $88120. It is advised to place stop-loss orders below $79870.
How do I set stop-loss levels for Bitcoin?
Stop-loss levels should be placed below the $79870 support. Swing lows can also be used as reference points for setting these stops.
What are the Bitcoin moving averages indicating?
The 50-day Exponential Moving Average (EMA50) is at $88120, and the 100-day Exponential Moving Average (EMA100) is at $82350. Bitcoin is currently trading at $85583. The price is below EMA50, suggesting a short-term bearish trend, while it remains above EMA100, indicating mid-term support.
Should I buy or sell BTC?
Buyers might consider entering the market near $82350 or $79870, with stops placed below $79870. Sellers could look to exit near $88120 or $91550. Profit-taking targets are set at $139744. It is crucial to manage risk carefully.
How do Fibonacci levels affect Bitcoin price?
The Fibonacci 61.8% level is situated at $100554, representing a key hurdle. The Fibonacci 138.2% extension targets $139744, which is considered a long-term goal.
What does $BTC momentum show?
The Stochastic RSI K value is currently 18. Values above 80 indicate overbought conditions, while values below 20 suggest oversold conditions. Readings between 20-80 signify neutral momentum. The current momentum points towards oversold conditions, which could signal an upcoming bounce. Traders should watch for a potential reversal.
Conclusion
Bitcoin is exhibiting weakness below the $88120 resistance level. Attention is focused on $82350 for potential breakdown risks. Short-term momentum favors bears, and another sell-off may follow. It is advisable to remain cautious and protect capital, closely monitoring the $79870 level.