Technical analysis by Trader-Rita about Symbol BTC: Buy recommendation (12/5/2024)

Bitcoin (BTC/USDT) Technical Analysis of Potential Upside LevelsChart OverviewThe chart shows the 4-hour time frame of Bitcoin (BTC/USDT) using the Ichimoku Cloud and the Alligator Indicator, highlighting key support and resistance levels.Key Levels and ObservationsSupport at $98,339:The $98,339 level acts as a strong support area that coincides with the alt boundary of the Ichimoku Cloud. This level is crucial for maintaining bullish momentum.Resistance at $105,374:The $105,374 level has been identified as a key resistance area. A break above this level could lead to a significant continuation of the uptrend.Ichimoku Cloud:The price is trading above the cloud, confirming the bullish sentiment. The upward slope of the cloud indicates strong support below current price levels. Alligator Indicator: Alligator lines align in a bullish pattern, with green (lips) leading blue (chin). This suggests increasing upward momentum. Possible ScenariosRising Continuation: Bitcoin If it stays above $98.339 and breaks $105.374, we could see a rally higher, potentially testing the $107.000 to $110.000 range. Bearish Pullback: Failure to hold $98.339 as support could lead to a deeper pullback towards the $96.000-$95.000 region. Summary & Recommendations For Buyers: Consider entering long positions on a break above $105.374 and target higher levels with a stop loss below $98.339. For Sellers: Bitcoin Look for short opportunities if it closes below $98.339 and targets the next support area. As indicators are showing strong bullish signals, any breakout or breakdown could signal the next major move Investors should closely monitor resistance and support levels as