Analysis of Daily Candlestick Chart pattern
Technical analysis BTCUSDT of Perpetual contract
Current Price: The current price is around 61,296.3 USDT.
Percentage Change: The price is down by 4.74%.
Moving Averages
MA(9): 64,546.49
MA(18): 66,305.50
EMA(50): 64,090.26
EMA(100): 64,224.87
The short-term MA (9) is below both MA(18) and EMA(50, 100), indicating a bearish trend. The price is below all the moving averages, further confirming the downtrend.
MACD (Moving Average Convergence Divergence)
DIF: -1,249.98
DEA: -620.20
MACD: -629.77
The MACD line is well below the signal line (DIF is below DEA), indicating strong bearish momentum. The histogram is also negative, showing the magnitude of the bearish divergence.
RSI (Relative Strength Index)
RSI(7): 12.07
An RSI of 12.07 indicates that the market is heavily oversold. Typically, RSI values below 30 suggest that the asset is oversold and might be due for a bounce or reversal.
Volume
general decline and oversold condition, it seems there has been significant selling pressure.
Key Levels
Support Level: The recent low at 56,537.70 is a key support level.
Resistance Levels: Immediate resistance is around 61,716.05, with further resistance at moving averages like MA(9) at 64,546.49.
Conclusion
Bearish Trend: The current price action, moving averages, and MACD all indicate a bearish trend.
Oversold Condition: The RSI suggests that the asset is oversold, which might attract buyers and lead to a short-term bounce.
Watch for Reversal: If there is a reversal, it could be significant due to the oversold conditions, but overall market sentiment remains bearish unless key resistance levels are broken.
It’s essential to monitor the market for any changes in volume or price action that could indicate a reversal or continuation of the current trend.
