$BTC Bearish Trend Price continues to trend downward with i | Ben Mondesir sEwk on Binance Square

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$BTC Bearish Trend
Price continues to trend downward with increasing momentum, confirmed by lower lows and lower highs.

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Market Overview Current Price: 91,691.98 USDT Significant decline of -6.38% within the last 24 hours, indicating strong bearish momentum. 2. 24-Hour Range: High: 98,553.90 USDT Low: 91,527.00 USDT Price is trading very close to the 24-hour low, which highlights increasing selling pressure. Indicators EMA (Exponential Moving Averages): EMA(7): 92,667.50 (short-term trend) EMA(25): 93,357.46 (medium-term trend) EMA(99): 94,718.87 (long-term trend) The shorter EMAs are below the longer EMA, confirming a strong downward trend. RSI (Relative Strength Index): RSI(6): 24.69 RSI(24): 35.71 The RSI(6) being below 30 indicates the market is oversold, signaling a potential reversal or relief rally soon. StochRSI: 39.63 (below 50) This suggests bearish momentum is still dominant, but it’s approaching oversold territory. 4 Volume: The highest spike in red volume bars aligns with recent bearish candles, confirming strong selling pressure.

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$BTC Support Level: Immediate support lies around 91,000 USDT. A decisive break below this could open the path to further downside. Resistance Levels: First resistance at 92,234.98 USDT. Breakouts above the EMA(7) and EMA(25) could indicate a potential recovery.

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$BTC For Short Traders: If the price breaks below 92,000 USDT, consider entering a short position targeting lower levels. Stop-loss: Place above 92,500 USDT for risk management. For Long Traders: Look for a rebound near the support level of 92,000 USDT. Enter cautiously after confirmation of a reversal, e.g., RSI climbing back above 30. Risk Management: Tighten stop-losses given the high volatility. Monitor volume and RSI closely for signs of trend reversal or continuation.

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$BTC Market Overview Price Movement (BTC/USDT): Current Price: 94,863.49 USDT 24-hour Change: -1.54% (a decline, indicating bearish sentiment). 24-hour High: 98,871.80 USDT 24-hour Low: 94,400.00 USDT The price is trading near its 24-hour low, which suggests selling pressure. Indicators: EMA (Exponential Moving Averages): EMA(7): 95,104.87 EMA(25): 95,783.25 EMA(99): 96,940.82 The short-term EMA is below the long-term EMA, indicating a bearish trend. RSI (Relative Strength Index): RSI(6): 30.07 RSI(24): 34.33 RSI values below 30 suggest the market might be oversold, and a reversal could be possible soon. StochRSI: StochRSI is in the higher range, indicating that momentum could turn upwards. Volume: Transaction Volume: Moderate. Volume appears higher on bearish candles, indicating stronger selling pressure. Key Observations Support Level: The price is approaching 94,400 USDT, a recent low. If this level holds, it could act as support. Resistance Levels: Immediate resistance: 95,816.07 USDT (previous high). Breaking above EMA(25) could signal a recovery. Bearish Momentum: The price is below key moving averages, indicating a strong downward trend. A break below the 94,400 level might accelerate the bearish trend. Strategy Recommendations Short-Term: Consider entering short positions if the price decisively breaks below 94,400 USDT. Monitor RSI for signs of reversal. Long-Term: If the price finds support near 94,400 USDT, it could present a buying opportunity, especially if the RSI moves out of the oversold region. Risk Management: Set tight stop-loss levels around 94,000 USDT if you are taking long positions. For short positions, monitor resistance levels near 95,000–95,800 USDT.

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$BTC looks BTC going towards 87-85k .. what do you think ?

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