BTC Price Analysis on November 18, 2024
1. Current Situation (Price: 90,690 USDT):
• Bollinger Bands: The price is close to the middle band, indicating that the market is trending sideways after a strong previous rally. The Bollinger Bands show signs of widening, indicating a slight increase in volatility.
• MACD: The signal line (DEA) is above the MACD histogram line, and the MACD is still negative. This indicates that selling pressure is still present but is gradually weakening.
• RSI (Relative Strength Index): RSI 6, 12, 24 is at a neutral level (around 52 - 58), showing no signs of being overbought or oversold.
• Stochastic RSI: This indicator oscillates around 47, indicating that price momentum is decreasing but not significantly.
• Volume: Recent trading volume has decreased compared to strong bullish sessions, indicating that the upward momentum is weakening.
2. Short-term Trend (4 hours):
• Resistance: The level of 92,300 USDT is the nearest resistance area. This is the closest peak that BTC needs to surpass to confirm a new upward trend.
• Support: The important support level is 88,722 USDT. If this level is broken, BTC may decline further to the range of 84,000 - 85,000 USDT.
• Trading Signal: Currently, the indicators have not provided clear signals for a strong upward or downward trend. It is advisable to prioritize further observation.
3. Short-term Prediction:
• In the next 24 - 48 hours, BTC may continue to fluctuate within the range of 88,700 - 92,300 USDT. If the price breaks above 92,300 USDT with high volume, BTC is likely to rise to the range of 95,000 - 97,000 USDT. Conversely, if it breaks below the support of 88,700 USDT, the price may drop to 85,000 USDT.
4. Note:
• This analysis is based on technical data and does not include any news factors or unexpected events #Write2Win #dioatman
