Let's analyze Bitcoin together and see where it goes!!!
Price gap:
- Around the level of 58,402.00.
Technical analysis tools:
1. Moving Averages:
- MA(5): 18,731.93925
- MA(10): 24,266.14375
- Short-term moving averages give signals about the short-term trend of the market. In this case, it can be seen that the moving averages may be on the verge of a bearish crossover, indicating a continuation of the downtrend.
2. Relative Strength Index (RSI):
- RSI(6): 33.00
- RSI(12): 35.33
- RSI(24): 40.57
- Values less than 30 indicate that the market may be in an oversold state, and values higher than 70 indicate an overbought state, which may mean the possibility of an imminent rebound.
3. MACD indicator:
- DIF: -1,515.72
- DEA: -1,444.43
- MACD: -71.28
The MACD indicator is showing bearish signs with the lines intersecting in the negative zone, which supports the downward trend.
Recommendations:
- The market is showing strong bearish signals based on the price gap and technical indicators.
- Support and resistance levels: The current support level around 58,402.00 must be carefully monitored, as breaking it may lead to further decline.
- Trading strategy:
- Buying: It may be wise to wait for the RSI to reach the oversold zone (below 30) before considering buying.
- Selling: Trading continuing below the moving averages and MACD entering the negative zone supports selling positions.
Good luck to everyone 🤭