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Analysis of $BTC 1hour chart

Key Information:

1. Price:

• Current Price: 95,710.8 USDT (~26,655,457.80 PKR).

• Price Change: -0.22% (a slight decline).

2. 24-Hour Range:

• High: 97,322.1 USDT.

• Low: 93,655.3 USDT.

3. Exponential Moving Averages (EMA):

• EMA (9): 95,412.4 (close to the current price, showing neutral momentum).

• EMA (50): 96,411.5 (above the current price, signaling a bearish trend).

• EMA (200): 99,132.8 (long-term bearish trend).

4. MACD (Moving Average Convergence Divergence):

• MACD Line: 99.0.

• DIF: -356.9 (indicating downward momentum).

• The MACD suggests the market is still in a bearish phase, but a potential reversal could occur if the histogram starts moving upward.

5. RSI (Relative Strength Index):

• RSI (14): 48.9 (near the neutral zone, neither overbought nor oversold).

Observations:

• Support Level: Around 92,272.6 (recent low).

• Resistance Levels: Around 97,369.1 and 103,270.3.

• The price is moving below the 50 EMA and 200 EMA, which indicates a bearish trend on a larger timeframe.

• RSI being close to 50 suggests indecision in the market, with no clear bullish or bearish dominance.

Conclusion:

• Short-term: The market is currently bearish, but the RSI and MACD indicate the possibility of a reversal.

• Action: Wait for confirmation of a breakout above the 50 EMA (around 96,411.5) before considering a long position. If the price falls below 92,272.6, it may continue to decline further.

DYOR

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