Current price trend:
The BTCUSDT price shows a clear bullish movement with an increase of +8.32% in the last hours.
The candles are forming higher highs, indicating strength in the bullish trend.
2. Technical indicators:
Exponential moving averages (EMA):
EMA 7 (85,203.4) and EMA 25 (80,296.6) are aligned with upward slopes, confirming the positive momentum.
EMA 99 (73,908.4) is quite below, showing that the price is in an extended bullish phase.
RSI (Relative Strength Index):
RSI(6): 89.3 and RSI(14): 86.5 → Both readings are in extreme overbought (>70), which could indicate a future correction.
Stoch RSI (Stochastic RSI):
StochRSI(94.3): Near the top of the range, suggesting that the momentum is overextended and there could be a pullback.
MACD:
Positive histogram with significant separation between the MACD line and the signal, indicating strong bullish momentum.
Volume:
The buying volume is high, reinforcing the strength of the movement.
Order book analysis:
1. Sell order book:
Significant resistance at levels close to 90,800 (52.2 BTC) and 90,500-90,300.
These areas show accumulation of sell orders, which could hinder the rapid advance of the price.
2. Buy order book:
Strong support at 87,000-86,500 (397-358 BTC), indicating buying interest in that area.
There is also accumulation at 88,000-87,800, which could act as intermediate support.
Summary and possible scenarios:
In favor of the bullish continuation:
The strong momentum, backed by high volume, and the bullish EMAs indicate that the price could test levels near 90,800-91,000 in the next 24 hours.
If it manages to overcome this resistance, the next target would be 91,500-92,000.
Against: Risk of correction:
The RSI and StochRSI indicators in extreme overbought suggest that the price may need a correction before continuing.
Key support zones are at 88,000-87,500 and 86,500. A correction towards these areas would be healthy and allow for a renewal of momentum.
Expected trend (24-72 hours):
1. Scenario 1 (80% probability): Mild correction towards 88,000 to consolidate before attempting to break the resistance at 90,800.
2. Scenario 2 (20% probability): Immediate continuation of the rally towards 91,000-92,000, driven by strong demand.
The overall trend remains bullish, but be cautious of possible pullbacks due to
the overbought.
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