Short-Term (1-Day):

The market is currently in a downtrend. The price has broken below a key support level, indicating potential further downside.

Medium-Term (1-Week):

The medium-term trend is also bearish. The price has formed a lower high and lower low pattern, suggesting a potential continuation of the downtrend.

Long-Term (1-Month):

The long-term trend is unclear. The price has been consolidating within a range for the past month. A decisive break above or below this range will determine the future direction.

Key Levels to Watch

Resistance: 98,130.00

Support: 94,766.00

Indicators

Moving Averages:

The 5-day and 10-day moving averages are both below the current price, confirming the downtrend.

Volume:

The volume has been declining recently, indicating a potential loss of momentum.

Potential Scenarios

Bearish Scenario:

If the price breaks below the 94,766.00 support level, it could trigger a further decline towards the next support level.

A sustained break below the 94,766.00 level could signal a continuation of the downtrend.

Bullish Scenario:

A strong bullish reversal could occur if the price breaks above the 98,130.00 resistance level.

A break above this level could signal a potential reversal of the downtrend and a move towards higher levels.

Trading Strategies

Short-Term Traders:

Short Position: Consider a short position if the price breaks below the 94,766.00 support level.

Stop-Loss: Place a stop-loss order above the recent high to limit potential losses.

Take-Profit: Set a take-profit target at a significant support level or based on technical analysis.

Long-Term Investors:

Wait and Watch: Given the current uncertainty, it may be prudent to wait for a clearer trend to emerge.

Dollar-Cost Averaging: Consider gradually accumulating Bitcoin over time to reduce the impact of volatility.

Risk Management:

Stop-Loss Orders:

Always use stop-loss orders to protect your capital.

Position Sizing:

Avoid risking too much on a single trade.

Diversification:

Consider diversifying your portfolio across different cryptocurrencies and asset classes.

Remember, technical analysis is just one tool in the toolbox. It's essential to combine it with fundamental analysis and risk management to make informed investment decisions.