1. Price Action and Trend
Recent Drop: BTC experienced a sharp decline from around $95,733 to a low of $93,600, indicating strong selling pressure.
Current Price: It’s currently trying to stabilize around $93,980, showing a slight rebound attempt.
Candlestick Pattern: The recent long red candles suggest panic selling, but the small green candle indicates some buying support.
2. Moving Averages (MA)
MA(7): $94,554.89 (Yellow) — Price is trading below the 7-period moving average, signaling short-term bearish momentum.
MA(25): $94,966.67 (Pink) — Price is also below the 25-period MA, suggesting a medium-term bearish trend.
MA(99): $95,810.96 (Purple) — The price being below the 99-period MA signals long-term bearish sentiment.
Conclusion from MAs: The downtrend remains intact unless BTC can reclaim the MA(7) and MA(25) levels.
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3. RSI (Relative Strength Index)
Current RSI: 15.50 — The RSI is extremely oversold (below 30), indicating that selling pressure might be overextended and a short-term bounce could occur.
Interpretation: While a bounce is possible due to oversold conditions, it does not guarantee a trend reversal.
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4. MACD (Moving Average Convergence Divergence)
DIF: -181.99, DEA: -45.98, MACD: -136.02 — The MACD is in negative territory, with the histogram showing strong bearish momentum.
Signal Line Cross: The MACD line is significantly below the signal line, indicating that bearish momentum is still dominant.
Conclusion from MACD: Bearish trend remains strong, and recovery might take time.
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5. Volume
There was a significant spike in volume during the sell-off, showing strong participation in the downward move.
Current smaller green volume bar suggests buyers are attempting to step in, but confidence is still weak.
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Prediction & Key Levels
1. Support Level: $93,600 — If BTC breaks below this level again, further downside could test the next support around $92,000.
2. Resistance Level: $94,550 (MA(7)) — If BTC can reclaim this level, it might attempt to retest $95,733.
Short-Term Outlook:
A small bounce might occur due to oversold RSI, but unless BTC reclaims the $94,550 level, the bearish trend will likely continue.
Watch for confirmation signals like stronger green candles with rising volume and a crossover in the MACD.
Risk Management Note: Always use stop-
loss orders, and be cautious when trading against strong bearish trends.