1. Observations:
• Current Price: 98,119.10 USDT, down by -3.30%.
• Trend: Strong bullish momentum recently, but now showing signs of a pullback.
• Moving Averages:
• EMA (7): 77,957.57 (short-term trend is bullish).
• EMA (25): 55,548.37 (longer-term trend is also bullish).
• RSI:
• RSI (6): 84.70 indicates overbought conditions.
• RSI (12) and RSI (24) are also high, confirming potential exhaustion in buying momentum.
2. Key Levels:
• Immediate Resistance:
• 102,800: The 24-hour high and a significant resistance level.
• 108,353: Previous swing high; a major resistance.
• Immediate Support:
• 95,700: The 24-hour low and a key level to watch for downside protection.
• 78,941: A critical support zone where EMA (7) aligns closely.
3. Analysis:
• Bullish Momentum with Pullback:
• The recent surge pushed BTC above 98,000, but the pullback indicates profit booking or temporary resistance.
• Overbought RSI:
• High RSI values suggest that BTC might consolidate or correct in the short term before resuming an uptrend.
• Volume:
• Strong volume during the uptrend supports bullish sentiment, but declining volume could signal reduced momentum.
4. Trading Strategy:
For Buyers:
• Entry: If BTC sustains above 98,500, indicating renewed bullish momentum.
• Target: 102,800, then 108,000.
• Stop Loss: Below 96,000.
For Sellers:
• Entry: If BTC breaks below 95,700 with high volume.
• Target: 92,000, then 88,000.
• Stop Loss: Above 98,000.
5. Indicators to Monitor:
• RSI: Look for a drop below 70 to confirm bearish correction.
• Volume: High selling volume could confirm a bearish move.
• EMA Crossovers: A bearish crossover between EMA (7) and EMA (25) would signal a trend reversal.
