$BTC is showing a bearish trend across all timeframes.
In short term the RSI at 40.06 is slightly recovering, while the MACD is negative at -139.61, indicating selling pressure. The Bollinger Bands are narrowing, suggesting decreased volatility.
For potential spot trading, an entry point could be around $56,500, with an exit at $57,000 and a stop-loss at $56,000. In futures trading, consider short positions with caution due to the oversold conditions.
$BTC on hourly chart has the RSI at 36.54 is approaching oversold levels, while the MACD is negative at -235.80, indicating strong bearish momentum. The Stochastic Oscillator is also in oversold territory.
For spot trading, consider an entry near $56,500, an exit at $57,000, and a stop-loss at $56,000.
On the daily chart, the RSI at 40.44 is neutral, and the MACD is strongly negative at -911.84, indicating significant bearish pressure. The Stochastic Oscillator is in oversold territory, suggesting a possible reversal.
For spot trading, consider an entry point around $56,000, an exit at $57,000, and a stop-loss at $55,500.
Futures traders should be cautious with short positions given the oversold conditions and potential for a reversal.
Key resistance levels to watch include $57,000 and $58,000, while support levels are around $56,000 and $55,000.
Keep a close eye on the RSI, MACD, and Stochastic Oscillator for potential shifts in market sentiment.
**Note: All indicator readings are as per the time of this analysis. Exercise caution and do thorough research before making trading decisions.
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