Technical analysis by luta_ksa about Symbol BTC: Buy recommendation (12/19/2024)

We still believe that the 90419.3 level on BTCUSDT.P serves as a strong support point that could drive the price toward the next target at 140136.1. The current technical analysis supports this scenario based on the following factors:Overall Trend:The uptrend remains intact, with prices holding above the 50-day and 200-day simple moving averages, reinforcing the potential for continued bullish momentum.Support and Resistance Levels:Key Support: 90419.3 (a pivotal level).First Resistance: 110000 (a psychological level likely to encounter selling pressure).Second Resistance: 140136.1 (the expected target).Technical Indicators:RSI (Relative Strength Index): Shows positive momentum and remains below overbought territory, leaving room for further upside.MACD: Displays bullish signals with a positive crossover above the zero line, indicating continued upward momentum.Volume: Suggests increased buying interest near the current support levels, strengthening the likelihood of a bounce.Chart Patterns:A potential "Bullish Flag" formation is observed on daily timeframes, supporting the case for achieving higher targets once the upper resistance line of the pattern is breached.Possible Scenarios:Bullish Scenario:If the price holds above 90419.3 and gains sufficient momentum, we may see a gradual rise toward 110000 initially, followed by a move toward 140136.1 in the medium term.Bearish Scenario:A break below 90419.3 could trigger a corrective move toward the next support level at 85000, delaying the upward targets.Recommendations:Closely monitor the 90419.3 level as a critical pivot point.Set stop-loss orders below this level to safeguard open trades.Consider adding long positions incrementally if strong support signals emerge on shorter timeframes.