Technical trend analysis
1. Moving Average (MA):
MA(7) (gold line): The current price is fluctuating below the MA(7), indicating that selling pressure remains dominant in the short term.
MA(25) and MA(99) (pink and purple lines): The overall trend is leaning bearish as the price remains below both long-term moving averages, reflecting negative market sentiment.
2. Trading volume (Volume):
Trading volume has been gradually decreasing in recent candles, indicating weakening buying pressure. However, there is no explosion in trading volume, which may signal an accumulation phase before the price continues the main trend.
3. Price structure:
Support level: The area around 92,232 is serving as a strong support level, where the price may find buying pressure if selling continues.
Resistance level: The price level of 97,337 is currently the nearest resistance. If the price cannot surpass this level, the likelihood of further decline is very high.
4. Candle pattern:
The previous strong bearish candles accompanied by short wicks indicate control from sellers. The recent recovery candle is not strong enough to confirm a trend reversal.
---
Price trend prediction for the next 24 hours
Bearish scenario: If the price continues to be pressured by selling and breaks below the support level of 92,232, Bitcoin could head towards lower levels around 91,000 - 90,000.
Bullish scenario: If the price holds above the support area and buying pressure is strong enough to break above 97,337, Bitcoin could test higher resistance around 100,000.
---
Trading recommendations
Short-term investors: Closely monitor the support level of 92,232 and wait for clear signals from price action before entering a trade.
Long-term investors: Consider gradually buying if the price drops to a strong support level, but risk management should be tight.
---
Conclusion
In the context of continued strong selling pressure and a lack of recovery momentum in the market, the price trend in the next 24 hours may lean towards bearish. However, monitoring support and resistance levels is crucial to assess reversal signals.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do thorough research before making decisions. We are not responsible for your investment decisions.$BTC
