Based on the BTC/USDT price chart, here is the assessment of Bitcoin's price trend for the next day:
Technical analysis of Bitcoin price trends
1. Moving Average (MA):
MA(7) (gold line): The current price is fluctuating below the MA(7) line, indicating that selling pressure is still dominant.
MA(25) and MA(99) (pink and purple lines): The overall trend in the short-term and medium-term timeframe shows weakness as the price is below the long-term MA lines.
2. Trading volume:
The trading volume in recent candles has been decreasing, indicating that both buying and selling pressures are weakening. This could signal the possibility of the price moving sideways or continuing slight adjustments if no new buying force appears.
3. Support and resistance levels:
Support level: 95,890. This is the lowest price in the last 24 hours and could serve as an important support threshold.
Resistance level: 97,371. If the price does not surpass this threshold, the bearish pressure will continue.
4. Candle structure:
Recent candles show indecision with both long upper and lower shadows. This reflects the indecisiveness of the market between buyers and sellers.
Predicted trend for tomorrow
If buying pressure is strong enough to push the price above 97,371, Bitcoin may regain short-term upward momentum and test higher thresholds.
Conversely, if selling pressure continues to increase and the price breaks below the support level of 95,890, the bearish trend will dominate and is likely to push the price down to lower levels.
Recommendation:
Short-term investors should be cautious, waiting for clearer signals before participating in the market.
Long-term investors may consider accumulating if the price decreases significantly to strong support levels.
Note that cryptocurrency market fluctuations often depend heavily on sentiment and real-time information, so it is necessary to closely monitor influencing factors from the market and news.
