1. Price trend
The chart shows a clear downtrend for BTC/USDT in recent times:
• Price has decreased from around 66,000 to around 60,740 USD.
• Continuous price declines, without any significant recovery, indicate strong selling pressure.
2. Moving Average (MA)
• MA 7: 66,343.87
• MA 25: 66,247.55
• MA 99: 66,956.43
Comment:
• All MA lines are pointing down, showing a bearish trend in the short, medium and long term.
• Current price is lower than all MA lines, confirming the continuing downtrend.
3. Trading volume
• Trading volume has increased dramatically in recent days, especially on sharp decline sessions. This shows confirmation of the downtrend, as more people sell more.
4. Price model
• There is no specific price pattern (like Head and Shoulders, Double Top/Bottom) apparent in this chart, however, a sharp and sustained decline could indicate a sell-off or panic sell.
Conclude
• The short-term and medium-term trend of BTC is bearish.
• Strong selling pressure with confirmation from high trading volume.
• Current price is below important moving averages, reinforcing this downtrend.
Trend prediction
• Without a significant change in market sentiment or positive news, BTC price may continue to decline.
• The next support level could be around $60,000 or lower if selling pressure continues.
Conclude:
• Short-term: Consider carefully before opening a buy position, wait for a reversal signal or wait for price stability.
• Long term: Can wait for stronger support signals.
