🚨BTC/USDT Technical Analysis:
1. Price Overview:
Current Price: $93,443.30
24H High: $94,685.25 (Resistance)
24H Low: $91,203.67 (Support)
Price Movement: Down by 1.10% over the last 24 hours.
2. Moving Averages (MA):
MA(7): $93,266.30 (Short-term support)
MA(25): $96,974.37 (Resistance level, shows medium-term bearish momentum)
MA(99): $96,239.28 (Long-term trendline; BTC is currently trading below this, indicating a bearish trend).
3. Volume Analysis:
The volume spikes suggest buyer activity at the $91,203 support level. If volume remains high, it could support a potential bullish reversal.
4. RSI (Relative Strength Index):
RSI is likely nearing oversold conditions (not visible in the chart provided but implied by recent price drop). An oversold RSI could lead to a short-term bounce.
5. Key Levels to Watch:
Immediate Support: $91,203.67 (Recent low).
Resistance 1: $94,685.25 (24H High).
Resistance 2: $96,974.37 (MA 25).
6. Trend Analysis:
Short-term: Potential rebound as price bounces from $91,203 support level.
Medium-term: Price remains bearish unless it breaks above $96,974 (MA 25).
Long-term: BTC needs to break above $99,000 (MA 99) for a confirmed bullish trend.
Conclusion:
Bullish Scenario: A break above $94,685 with increased volume could push BTC towards $96,974.
Bearish Scenario: If BTC fails to hold $91,203 support, it could test lower levels around $90,000.