Moving Average (MA):
Both the short-term moving average (MA7, purple) and the medium-term moving average (MA25, cyan) are trending downward, indicating that the market has entered a downtrend. The current price is below these two moving averages, which is usually a bearish signal.
Relative Strength Index (RSI):
The RSI indicator is currently at 35.44, close to the oversold range (usually considered to be oversold below 30), indicating that the price may face pressure to rebound in the short term. The downward trend of RSI shows that the seller's power is still increasing, but approaching the oversold state may trigger a rebound.
Trading Volume:
As can be seen from the trading volume bar chart at the bottom of the chart, the trading volume has increased during the price decline, indicating that the market's selling pressure on BTC has increased.
Future trend analysis and operation suggestions:
Short-term (a few days to a week):
In the short term, the BTC price may fluctuate between 64,000 USDT and 66,000 USDT. If the price can find support near 64,000 USDT and rebound, it may rise to around 68,000 USDT. If the price continues to fall and breaks below the support level of 64,000 USDT, it may fall further in the short term, and attention should be paid to the support of 60,000 USDT.
Medium-term (within a few weeks to a month):
In the medium term, attention should be paid to whether the price can maintain above the key support level of 60,000 USDT. If the price stabilizes in this range and the trading volume continues to increase, the medium-term bullish possibility is relatively large. The resistance levels in the medium term are around 70,000 USDT and 75,000 USDT. If the price breaks through these resistance levels, there may be a new upward trend.
Operation suggestions:
Holding long positions: If the price can find support near 64,000 USDT and shows signs of rebound, you can consider buying on dips. Set stop loss: It is recommended to set a stop loss around 60,000 USDT to prevent a sudden drop in price. Wait and see: If the price continues to fall rapidly, it is recommended to wait and see and wait for the price to pull back to the support level before making a decision.
In general, BTC is currently showing a downward trend, and it is necessary to operate cautiously and pay attention to the changes in key support and resistance levels, as well as the impact of external factors in the market on prices.
