Bitcoin is currently trading at $86031, holding above the significant support level of $82500. This analysis explores the key support and resistance levels to watch for potential price movements.
Key Support and Resistance Levels for BTC
Current Bitcoin Price: $86031
| Level | Price (USD) | Description |
|---|---|---|
| Support 1 | $82500 | The 100-day Exponential Moving Average (EMA) represents the average price over the last 100 days and indicates mid to long-term market trends. |
| Support 2 | $79800 | The lower Bollinger Band, which is a measure of volatility, indicates the lower deviation from the 20-day simple moving average. |
| Resistance 1 | $88200 | The 50-day Exponential Moving Average (EMA) represents the average price over the last 50 days and indicates short to mid-term market trends. |
| Resistance 2 | $90500 | The upper Bollinger Band, which is a measure of volatility, indicates the upper deviation from the 20-day simple moving average. |
Frequently Asked Questions about Bitcoin Price
What Bitcoin price targets should I consider?
Key levels to consider are support at $82500 and resistance near $88200. An extension target is noted at $140088.
Is Bitcoin Bullish?
The current market bias is bearish. The Stochastic RSI is at 35.2. Resistance is identified at $88200. Traders are advised to place stop-losses below $82500.
How do I set stop-loss levels for Bitcoin?
Stop-loss orders should be placed below the $82500 support level. Swing lows can also serve as useful reference points for setting stop-losses.
What are the Bitcoin moving averages indicating?
The 50-day EMA is at $88200, and the 100-day EMA is at $82500. Bitcoin is currently trading at $86031. Comparing these values can help determine the trend direction.
Should I buy or sell BTC?
Potential entry points for buyers are near $82500 or $79800, with stops placed below $79800. Sellers might consider exiting near $88200 or $90500, with profit-taking targets at $140088. Careful risk management is essential.
How do Fibonacci levels affect Bitcoin price?
The Fibonacci 61.8% retracement level is situated at $99997. The Fibonacci 138.2% extension targets $140088.
What does BTC momentum show?
The Stochastic RSI K value is currently 35.2. Generally, values above 80 indicate overbought conditions, values below 20 suggest oversold conditions, and values between 20 and 80 signify neutral momentum.
Conclusion on Bitcoin's Current Trend
Bitcoin is showing weakness below the $82500 support level. There is a risk of a breakdown towards $79800. The current momentum indicators favor bears, suggesting that another sell-off may follow. Traders are advised to remain cautious and prioritize capital protection.