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Current Market Overview
As of now, Bitcoin (BTCUSD) is trading at $99,297 USD. Here are two actionable intraday trading setups:
Buy Setup: If BTCUSD retraces to $98,800, consider entering a long position with a target of $100,500 and a stop loss at $98,500.
Sell Setup: If BTCUSD approaches $100,000, a short position could be initiated with a target of $99,000 and a stop loss at $100,300.
Comprehensive Market Analysis
Support and Resistance Levels
In our analysis of the daily and 4-hour timeframes, we identify critical support and resistance levels:
Daily Support Levels: $98,500, $97,800, $97,000
Daily Resistance Levels: $100,500, $101,000, $102,000
Fibonacci Retracement Levels
Using Fibonacci retracement levels based on the recent swing high and low, we can identify potential reversal points:
Daily Swing Levels:
23.6%: $100,000
38.2%: $99,500
61.8%: $98,800
Exponential Moving Averages (EMA)
The following EMA levels are crucial for understanding market trends:
Daily Time Frame:
EMA 50: $99,000
EMA 100: $98,500
EMA 200: $97,800
EMA 400: $97,200
4-Hour Time Frame:
EMA 50: $99,250
EMA 100: $99,000
EMA 200: $98,700
EMA 400: $98,200
RSI Divergence
The Relative Strength Index (RSI) is currently showing signs of divergence, which may indicate potential reversals in the price movement. Traders should monitor the RSI closely for further signals.
Order Blocks
Identifying order blocks on the daily and 4-hour charts will help in understanding where institutional buyers and sellers may be active. Look for areas around $98,800 and $100,000 as potential zones of interest.
MACD Analysis
The MACD indicator is currently in a bearish crossover, suggesting downward momentum. However, traders should remain cautious and look for confirmation before entering positions.
Summary of Key Levels
💡 BTCUSD Daily Analysis Summary by K9 Investments Trading – Join us here 🥇 FREE Telegram Channel: @K9_Investments_GoldTrading
Key Levels:
Daily Support and Resistance:
Support: $98,500, $97,800, $97,000
Resistance: $100,500, $101,000, $102,000
Exponential Moving Average (EMA) Levels:
Daily: 50 EMA: $99,000, 100 EMA: $98,500, 200 EMA: $97,800, 400 EMA: $97,200
4-Hour: 50 EMA: $99,250, 100 EMA: $99,000, 200 EMA: $98,700, 400 EMA: $98,200
Weekly Pivots:
Pivot 1: $99,500
Pivot 2: $99,000
Pivot 3: $98,500
Daily Pivots:
Pivot 1: $99,200
Pivot 2: $99,000
Pivot 3: $98,800
Fibonacci Retracement Levels:
23.6%: $100,000
38.2%: $99,500
61.8%: $98,800
Fundamental Analysis and Upcoming USD News
📈 Upcoming economic events can significantly impact the Bitcoin market. Key USD news to watch for includes:
Non-Farm Payrolls Report: Scheduled for January 10, 2025, this report can influence market sentiment and Bitcoin prices.
CPI Data Release: Expected later in January, inflation data will provide insights into the economic outlook and may affect Bitcoin as a hedge against inflation.
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Disclaimer
Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Please read and ensure you fully understand our Risk Disclosure. Not Financial Advice. Trade at your own risk. Take Partial Profits, Use Strict Stop Loss and Proper Risk Management.
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