📊 BTCUSD 24th January 2025 Daily Analysis Based on Main Key Levels

Introduction

In the ever-evolving world of cryptocurrency trading, staying updated with market movements is crucial. This blog presents a detailed analysis of the BTCUSD currency pair, focusing on essential levels and actionable trade setups. The current Daily Current Market Price (DCMP) for BTCUSD is 104,917.

Key Levels Summary

Resistance Levels Above DCMP (104,917)

🔺 Resistance 1: 105,442

🔺 Resistance 2: 109,485

🔺 Resistance 3: 109,620

Support Levels Below DCMP (104,917)

🟢 Support 1: 104,005

🟢 Support 2: 101,860

🟢 Support 3: 98,898

Swing Levels

📊 Swing High: 102,760

📊 Swing Low: 96,462

Trade Setup

💼 Intraday Buy Trade Setup

Entry Price: ✨ 98,898

Stop Loss: ❌ 97,500

Take Profit 1: 🎯 99,800

Take Profit 2: 🎯 100,700

Reason for Entry:

The support level at 98,898 is below the DCMP, indicating a strong buying opportunity. This level aligns with significant technical support, suggesting potential upward movement.

💼 Intraday Sell Trade Setup

Entry Price: ✨ 105,442

Stop Loss: ❌ 106,000

Take Profit 1: 🎯 104,500

Take Profit 2: 🎯 103,500

Reason for Entry:

The resistance level at 105,442 is just above the DCMP, presenting a viable selling opportunity. This level coincides with key technical resistance, indicating potential downward movement.

Analysis Summary

Resistance and Support Levels: Key levels indicate potential reversal zones. Resistance levels are identified at 105,442, 109,485, and 109,620, while support levels are at 104,005, 101,860, and 98,898.

Swing Levels: The Swing High is at 102,760, and the Swing Low is at 96,462.

Pivot Levels: The pivot level is at 104,005, providing additional context for potential reversals.

Fibonacci Levels: Significant retracement and extension levels align with the identified support and resistance zones.

RSI Divergence: Indicates potential overbought conditions at resistance levels and oversold conditions at support levels.

MACD Crossing: Suggests bullish momentum at support levels and bearish momentum at resistance levels, confirming trade setups.

Conclusion

This analysis offers actionable trade setups and key levels to assist traders in making informed decisions in the BTCUSD market. With the current market price at 104,917, traders can leverage the outlined support and resistance levels, along with technical indicators, to execute trades confidently. Stay tuned for further updates and analyses!