Hey everyone
Analysis of $BTC 1day time frame
Observations:
1. Price Trend:
• Current price: 94,418 USDT, which is below the recent high of 108,366.8 USDT. This indicates a significant pullback.
• The price has broken below a key ascending trendline, suggesting bearish momentum.
2. Exponential Moving Averages (EMAs):
• EMA(9) is trending downward and is below EMA(50), showing a short-term bearish crossover.
• The price is hovering near EMA(200) (74,558.9), which often acts as a strong support level in downtrends.
3. Support and Resistance:
• Resistance: The orange box near 108,000 USDT indicates a supply zone that the price failed to sustain above.
• Support levels are marked at 88,000 USDT and 78,000 USDT. These are possible areas where buyers might step in.
4. MACD:
• The MACD line is below the signal line, with a negative histogram. This confirms bearish momentum in the market.
5. RSI (Relative Strength Index):
• The RSI is at 43.6, which is in the neutral zone but trending downward, indicating weakening no buying pressure.
Prediction for the Next Few Days:
1. Bearish Continuation:
• If the price cannot recover above 95,000 USDT soon, it might test the support levels at 88,000 and 78,000 USDT in the coming days.
• The bearish MACD and downward RSI support this scenario.
2. Potential Reversal:
• If the price finds strong buying interest near 88,000 USDT or the EMA(200), it could rebound toward the 95,000–98,000 resistance zone.
Strategy Suggestions:
1. For Buyers:
• Look for entries near the support levels at 88,000 or 78,000 USDT with tight stop losses.
• Wait for a bullish signal, such as a MACD crossover or RSI moving above 50, before entering.
2. For Sellers:
• Consider short positions if the price retests 95,000–97,000 USDT but fails to break above.
• Target the 88,000 or 78,000 support levels for profit-taking.
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