Bitcoin is cementing its place in the annals of history! TA+TP

The current price of Bitcoin is at 93,278.71 USD. The chart indicates that it is in a phase of consolidation after reaching a high of 93,751.08 USD.
Bitcoin is showing some resistance around the 95,000 USD mark, as reflected by the upper blue horizontal lines at 96,000 USD and 99,889.79 USD.
Immediate support levels are visible at 88,000 USD and 86,721.16 USD, which are key for any potential pullback scenarios.

VMC Cipher B Divergences:

The indicator below the price chart shows divergences, with several red and green signals. The recent trend indicates potential bullish momentum but with some caution as the negative divergences (highlighted by the red bars) suggest a weakening of bullish momentum in the short term.
The price is consolidating at the 93,278.71 USD level, and the indicator below indicates caution as some weakness is apparent in the buying pressure.

RSI (Relative Strength Index):

The RSI is at 38.90, indicating that Bitcoin is currently in an oversold condition, signaling a potential buying opportunity if the price remains above 30. However, this is still below the typical neutral level of 50, suggesting the price may continue to struggle to break resistance levels.
A move above 50 would indicate more upward momentum, but the current RSI reading suggests caution in the short term.

Money Flow Index (MFI):

The MFI is at 40, which indicates neutral flow. It suggests that there isn’t significant accumulation or distribution happening, implying market indecision. We would look for this indicator to trend upwards for confirmation of bullish sentiment or downward for further bearish movement.

Stochastic Oscillator:

The Stochastic Oscillator shows a reading of 23.07, which is considered an oversold level. This could indicate that Bitcoin is due for a potential reversal upward if the oscillator starts to turn higher. However, the overall trend still suggests caution as the price has not yet decisively moved out of consolidation.

Key Resistance Levels:
95,000 USD: Strong resistance near recent highs.
96,000 USD and 99,889.79 USD: Major resistance levels to watch for potential breakouts.

Key Support Levels:
88,000 USD and 86,721.16 USD: Immediate support levels.
73,654.77 USD: A deeper support level in case of significant pullback.

Trading Plan:
Bullish Scenario:

Entry: A breakout above the 95,000 USD resistance with an RSI showing upward momentum (above 50) could provide a bullish entry point.
Target: Initial target at 96,000 USD, with secondary targets at 99,889.79 USD.
Stop-Loss: Place a stop-loss below 88,000 USD to mitigate risk.

Bearish Scenario:

Entry: If the price breaks below the 88,000 USD support level with confirmation from the RSI dropping below 30 and negative momentum on the MFI, consider shorting Bitcoin.
Target: Set targets at 73,654.77 USD and 71,532.73 USD.
Stop-Loss: Place a stop-loss above 95,000 USD to protect against a reversal.

Neutral/Consolidation Play:

Range Trading: If Bitcoin continues to consolidate between 86,000 USD and 95,000 USD, consider trading the range, buying near the lower support and selling near the resistance, with proper risk management.

Conclusion:
Bitcoin is currently in a consolidation phase with some weakness in momentum indicators. The next moves will depend on how the price reacts at key resistance levels around 95,000 USD and support around 88,000 USD. A breakout could offer bullish opportunities, while a breakdown could lead to further downside potential.

Carefully monitor RSI, MFI, and the Stochastic Oscillator for early signs of reversal or continuation. Use proper risk management strategies to navigate volatility.