Based on the attached image showing the BCH/USDT analysis, here are some key points in the technical analysis:
1. Current market trend:
The general trend seems to be in a corrective phase with some attempts to rise, as the price appears at the 382.8 USDT level, and it seems to be fluctuating near the resistance levels.
RSI indicators indicate relative momentum, reaching levels of around 70, indicating a possible overbought situation that may lead to a correction or a calming down in the upward trend.
2. Support points:
The first clear support level is at 350 USDT, which is an important level from which the price may rebound if the correction continues.
Another potential support level is around 272.7 USDT, which is considered a stronger medium-term support.
3. Resistance points:
There is a clear resistance at 387.8 USDT, which if broken could see a rise towards the 400 USDT level.
Another resistance level is at 442.3 USDT, which represents a strong resistance level that the price may need strong momentum to break through.
4. Technical indicators:
MACD is showing a positive signal, as the fast line is above the slow line, indicating bullish momentum.
EMA (7, 25, 99) indicates that the price is near the average lines, which means that the trend may be relatively stable, but breaking any of them may give a strong signal for the upcoming trend.
The KDJ indicator indicates a continuous price volatility with no clear decisive direction yet.
5. List of requests:
The bids at the current price indicate that the supply is 58.99% compared to the demand of 41.01%, which indicates that there is selling pressure, and this may lead to a decline if the selling pressure continues.
Expected trend:
If the buying momentum continues and the price breaks the 387.8 USDT level, we may see an uptrend towards 400 USDT.
If the price faces strong resistance and declines, it may find support around the 350 USDT level, and if it breaks it, it may reach 272.7 USDT.
It is preferable to monitor short-term momentum and use additional indicators to confirm the trend, especially MACD and RSI to ensure accurate decisions.
