Moving Average (MA):
There are two main moving averages in the chart: MA7 (purple) and MA25 (cyan). The short-term moving average (MA7) recently crossed the long-term moving average (MA25), forming a golden cross, which is usually a bullish signal.
Volume:
As can be seen from the volume bar chart at the bottom of the chart, the volume has increased recently, especially during the period of price increase. This shows that market participants have increased confidence in the upward trend of prices.
Technical indicators:
RSI (Relative Strength Index): Not shown in the chart, but if there is a relative strength index, you can observe whether it is in the overbought or oversold range. MACD (Exponential Moving Average): If you can check the MACD bar chart, it can help confirm the current trend and momentum.
Resistance and support:
The first resistance level facing the current price is around 70,000 USDT, which is also a psychological barrier. The main support level is near the previous low of 56552.82 USDT and the current moving average.
Future trend analysis and operation suggestions:
Short-term (within a few days to a week):
If the price can break through and stabilize above 70,000 USDT, it may rise further. If the price pulls back, it is necessary to observe whether it can find support around 68,000 USDT.
Medium-term (within a few weeks to a month):
Continue to pay attention to whether the price can stay above the moving average. If it can, it is bullish in the medium term. If the price falls below the key support level of 56552.82 USDT, there may be further pullbacks.
The cryptocurrency market is volatile and is greatly affected by news and policies, so it is necessary to remain flexible.
In general, the current technical side shows a bullish trend, but it is necessary to pay close attention to changes in key resistance and support levels, as well as fluctuations in market sentiment.
