Crucial Technical Analysis of $BTC Will it break the $92k barrier and head towards $90k?
Current Price: $92,256.28
1. Support and Resistance:
Major Support: $92,000 is currently a strong support area based on the recent move.
Next Support: $90,000, a strong psychological level.
Nearby Resistance: $93,750 (EMA 25) and $94,800 (EMA 99).
2. Candlestick Analysis:
The last candle is strongly bearish with high volume, indicating strong selling pressure.
Previous candles show volatility with buyers unable to maintain momentum.
3. Technical Indicators:
RSI: At 17.41, indicating an “oversold” condition, meaning the price may see a bounce soon.
MACD: In a negative zone, with the distance between the DIF and the DEA increasing, indicating a continuation of the downtrend.
Volume: A large increase in volume with a decline indicates strong selling.
4. Will it reach $90,000?
If the price breaks the $92,000 support level with high volume, it is likely to drop to $90,000.
However, an “oversold” condition (very low RSI) may lead to a temporary bounce before any further decline.
Conclusion:
Watch the $92,000 level. If it is broken, there is a high probability that the price will reach $90,000. However, the market may see a temporary bounce due to the oversold condition.
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