Potential Bullish Breakout on BTCUSDT – Targets to Watch

BTCUSDT is currently consolidating within a narrow range, but the setup suggests a potential bullish breakout if key resistance levels are cleared. Here’s the breakdown:

1. Order Book & Key Levels

The order book reveals:
• Support Zone: $95,750–$95,890
• Resistance Zone: $95,900–$96,040

For a bullish scenario, the price must break above $95,900 with strong volume.

2. Technical Indicators
• RSI Levels:
• RSI (6): 39.18
• RSI (12): 35.44
• RSI (24): 38.66
These values below 50 indicate bearish momentum, but a breakout could quickly push them higher, supporting a bullish run.
• Long/Short Ratio: 1.8840 – showing more long positions, which aligns with potential upward momentum.

3. Targets to Watch

If BTCUSDT breaks above $95,900 with high volume, here are the potential targets:
• Target 1: $96,200 – This is the first minor resistance level.
• Target 2: $96,500 – A psychological level and previous area of interest.
• Target 3: $97,000 – Strong resistance from historical price action.

If the price fails to break $95,900, it may retrace to test the support at $95,750 or even lower levels.

Conclusion

BTCUSDT shows promise for a bullish breakout if it can overcome $95,900. However, watch the volume and RSI levels for confirmation. Potential targets range from $96,200 to $97,000, but always manage risk and use stop-loss orders.

Disclaimer: This is not financial advice (NFA). Always do your own research (DYOR) before making any trading decisions.

What are your thoughts? Do you think BTCUSDT will break out or consolidate further? Let’s discuss!