Technical Summary, 100x100 Free
1. Recent trend: A decline is observed from a local maximum of $108,353 to the current level of $96,620. This indicates a significant bearish correction in the short term.
2. Moving averages:
MA(7) is above the current price, indicating immediate bearish pressure.
MA(25) and MA(99) are also below the recent maximum price, suggesting that although there has been previous bullish momentum, the trend could be weakening.
3. Supports and resistances:
Key support around $86,250.
Recent resistance at $108,353.
4. RSI indicators:
RSI(6): 32.70, indicating oversold conditions in the short term.
RSI(14): 48.02, close to the neutral point but with a bearish bias.
Conclusion:
The short-term trend is bearish due to the current correction, but the oversold levels in the RSI suggest that there could be a technical rebound in the coming sessions if support at $86,250 holds. However, to confirm a bullish change, the price would need to break above the $102,000 level and consolidate.
