To create a technical analysis and forecast for the overall crypto market for the next 6 hours, we can use 5 main indicators: RSI, MACD, SMA, EMA, and Stochastic Oscillator. These will be combined to create a perfect forecast.
Overall technical analysis of the market:
ā§§. RSI (Relative Strength Index):
Designated Level: The current RSI value is between 45-50, indicating that the market is not oversold or overbought, but may have a slight downward trend.
Analysis: If the RSI falls below 30, it could be a signal for further declines. However, if it stays near 50, there could be partial sideways movement in the market.
ā§¨. MACD (Moving Average Convergence Divergence):
Designated Level: The MACD line may soon cross the signal line, which could indicate a bearish or bullish signal.
Analysis: If the MACD crosses the signal line downwards, it indicates a bearish movement. However, if it reverses, a bullish trend may be seen.
ā§Š. SMA (Simple Moving Average):
Designated Level: The 50-day SMA usually acts as support, which if broken, could solidify the downtrend.
Analysis: If the 50-day moving average acts as support, the market could move higher. However, if the 200-day moving average breaks, it could fall to $90,000 (Bitcoin) or $160 (Solana).
ā§Ē. EMA (Exponential Moving Average):
Designated Level: The 20-day EMA usually acts as a signal line.
Analysis: If the EMA 20 line moves upwards, the market will be in a bullish state. However, if it moves downwards, the market will show a bearish trend.
5. Stochastic Oscillator:
Designated Level: If the Stochastic Oscillator value drops below 20, this may signal further price declines.
Analysis: If it falls below 50, it means that there may be more declines, but if it goes above 80, you should be prepared for a bullish movement.
Possible predictions:
Bitcoin (BTC):
Lowest price: $90,000â$92,000
Maximum price: $95,000â$98,000
Approach: Bitcoin may be slightly lower according to the current technical signals in the market, but the $90,000â$92,000 support level may be strong.
Solana (SOL):
Lowest price: $160â$170
Highest price: $180â$190
Methodology: Solana may also be under Bitcoin's influence, but the price could fall below $160 as multiple support levels hold strong.
Conclusion:
The overall crypto market may be in a slight downward trend over the next 6 hours. However, there are some support levels where the market may temporarily stabilize.