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Based on the analysis, there are two scenarios for day trading:
1. Sell Position (Bearish Setup)
Reason:
The price is near strong resistance ($96,000), and bullish momentum is weakening (MACD histogram is shrinking).
If the price fails to break out above $96,000, it is highly likely that a pullback or correction will occur.
Setup:
Entry Point: Wait for a price rejection confirmation at the resistance of $96,000, for example a strong bearish candle like a shooting star or bearish engulfing in the 4H timeframe.
Stop Loss: Place above the resistance level, around $96,500, to protect against a false breakout.
Take Profit: Target the nearest support level, which is around $93,000 or $91,000 as seen from the previous consolidation area.
Risk-to-Reward Ratio: If entry at $95,800, stop loss at $96,500 (risk $700), and target at $93,000 (profit $2,800), then R:R = 1:4, which is very profitable.
2. Buy Position (Bullish Setup)
Reason:
If the price successfully breaks out above $96,000 with increased volume, this could be a signal for a continuation of the bullish trend towards the next psychological level at $100,000.
Setup:
Entry Point: Enter after the breakout is confirmed, which means the price closes above $96,000 with a strong bullish candle followed by an increase in volume.
Stop Loss: Place it below the recently broken resistance level, around $95,500, to protect against false breakout.
Take Profit: Target the levels $98,500 or $100,000 (psychological level and next resistance ).
Risk-to-Reward Ratio: If entry at $96,200, stop loss at $95,500 (risk $700), and target at $98,500 (profit $2,300), then R:R = 1:3.3, which is also quite good.