BTC Technical Analysis ๐
1) Overview
BTC/USDT around 96,460, with a 24-hour high near 97,564 and a low at 94,620. Price is consolidating, as indicated by converging moving averages. Currently, short-term momentum remains muted, supported by an RSI(6) reading around 44. A break above or below key levels could spark a clearer trend.
2) Key Technical Levels
Support stands around 94,600, where buyers stepped in. A clear break below this level could open the 93,000โ94,000 range. Meanwhile, 97,500 is immediate resistance, and crossing it may propel price toward the psychological barrier of 100,000. Traders should watch volume.
3) Moving Averages & RSI
The MA(7), MA(25), and MA(99) converge around current price, reflecting sideways action. A flattening short-term average sometimes precedes a decisive breakout. The RSI(6) at 44 hints at slight bearishness but remains near neutral, awaiting either bullish or bearish momentum.
4) Potential Scenarios
A bullish scenario arises if the price breaks 97,500 with strong volume, potentially testing 100,000. Alternatively, a bearish drop below 94,600 could spark heavier selling. Sideways movement remains possible unless a catalyst (economic data or crypto news) drives a breakout.
5) Risk Management & Conclusion
Set clear targets and use stop-loss orders, as Bitcoin can swing unpredictably. Monitor volume, since trading activity can confirm breakouts or breakdowns. Check fundamentals, including macroeconomic trends and regulatory shifts. This overview is not financial advice; always do your own research.