Short-term analysis #btc
Continued bearishness:
If the selling pressure continues and there is a large volume without a clear bounce from the current support level (94,660), the price is likely to break this support and head lower.
The negative scenario is supported by the Relative Strength Index (RSI) which is still in the oversold zone, meaning that the downside momentum is strong.
2. Corrective bounce:
If the price starts forming reversal candles (such as a hammer or doji candle) with a decrease in volume, we may see a bounce towards the nearest resistance level at 96,000 - 96,500.
Support for this scenario comes from the oversold RSI, which sometimes indicates a potential temporary bounce.
3. Sideways Movement:
In the absence of strong upward or downward momentum, the price may fluctuate between 94,660 and 96,000 for a short period, indicating a state of hesitation in the market before the next strong movement.
Most Likely Scenario:
If there is no news or events affecting the market, the most likely scenario is a slight corrective bounce towards the nearby resistance level (96,000), followed by either a resumption of the decline or a sideways stabilization.