BTC 3D asset analysisđ$BTC
BTC/USDT 3-day timeframe shows that Bitcoin continues to move within a descending channel, which may indicate potential for price consolidation before a possible breakout.
Technical indicators:
MA (Moving Averages) Nearest readings: 7-day MA at 63.102, which is above the current price, indicating resistance from above. However, the 99-day MA at 59.965 serves as support.
Bollinger Bands. The BB lines are narrowing, indicating a decrease in volatility and a possible sharp move in the near future. The inner support boundary is at 61.104.
Ichimoku Cloud: The price is above the Ichimoku cloud, which is a bullish signal, but the cloud ahead is narrowing, which may indicate instability in the move.
The parabolic SAR is below the price (at 53.082), which also signals a bullish trend.
Global picture:
It is important to watch for a breakout of the channel up or down. If BTC breaks the channel resistance, this may lead to growth to the levels of $68,000 - $70,000. However, if the price goes beyond the lower boundary of the channel, a test of support levels in the region of $58,000 - $60,000 is possible.
Volumes are growing, which may indicate a growing interest in the asset among traders and investors.
Conclusion: Current signals are bullish, but final confirmation will be needed when exiting the channel. Do not forget about the importance of global news and macroeconomic factors that can affect the price.
đ Growth points: Breakout of channel resistance.
đ Risks: Unsuccessful breakout and return to the lower border at $58,000.
