Based on the chart, Bitcoin (BTC/USDT) is currently trading at $58,095.24, down 2.01% in the last 24 hours. The price has been in a downtrend since reaching a 24-hour high of $59,849.38.
Key observations:
1. The price is below both the 7-day EMA ($58,789.19) and 99-day MA ($64,018.39), indicating bearish short-term momentum.
2. MACD is negative (-162.64), suggesting continued downward pressure.
3. RSI(6) at 41.71 indicates the asset is neither overbought nor oversold, but leaning bearish.
4. Volume has increased recently, potentially signaling a trend continuation.
Future strategy:
1. Short-term traders might consider short positions with tight stop-losses above recent highs.
2. Long-term investors could view dips as buying opportunities, especially if price approaches support levels.
Potential support levels:
1. $56,078.54 (recent 24-hour low)
2. $55,000 (psychological level)
3. $52,000 (based on previous price action)
Resistance levels to watch:
1. $59,849.38 (recent 24-hour high)
2. $60,000 (psychological level)
3. $64,000 (around the 99-day MA)
Best buying points may occur if the price tests the support levels mentioned above, especially if accompanied by positive divergences in RSI or MACD.
However, traders should be cautious as the overall trend appears bearish in the short term. It's crucial to use proper risk management and consider broader market conditions before making trading decisions.
