Chart analysis and indicators:
1. Current price level: The price of BTC/USDT is at 97,386.45, with a 24-hour trading range from 92,520.00 to 97,741.88. The price has risen sharply near the highest level in the past 24 hours.
2. Trading volume (Vol): Trading volume has gradually increased in recent candles, especially during the strong rise. This shows strong buying force and active market participation.
3. Moving averages (MA):
MA(7) and MA(25) are both sloping upwards, confirming a short-term upward trend.
The current price is above all 3 main MA lines (MA(7), MA(25), MA(99)), reflecting stable upward momentum.
4. Candlestick pattern: Recently, a series of consecutive green candles have appeared, indicating dominant buying pressure. However, the last candle has a long upper shadow, indicating price rejection near the level of 97,741.88. This may signal a short-term correction.
Trend prediction
1. Expectation of short-term correction:
As the price is close to an important resistance level (97,741.88), there is a high possibility of a small correction down to the nearby support area (96,088.28 - MA(25)).
Decreasing volume in the last candle indicates that buying pressure may weaken.
2. Mid-term trend:
If the price does not break through important support areas and trading volume remains good, BTC may continue to rise above 98,000, heading towards higher milestones.
3. Signals to watch:
If large trading volume appears along with strong green candles, BTC may continue to break through the resistance level.
On the contrary, if the volume decreases or large red candles appear, the correction trend will be clearer.
Conclusion
In the next 24 hours, BTC is likely to make a slight correction before continuing the upward trend. Traders should monitor the support area around 96,088.28 and trading volume to determine suitable entry or profit-taking points.