I look at the following indicators on the 4h BTC/USDC chart (price at the time of analysis 65831 USDC):
1. Bollinger Bands - The price is close to the lower band, which may indicate a possible oversold condition. Possible reversal or continuation of the downtrend if the price breaks below the band.
2. Parabolic SAR - The dots are above the price, indicating a bearish trend.
3. Moving Averages - MA(5) below MA(10) bearish trend. - The short-term moving average is directed downwards, which supports a bearish outlook.
4. MACD: - MACD line is below the signal line, and the histogram is negative - bearish trend
5. Stochastic RSI - oversold, possible correction or price reversal.
Total: Short-term forecast: The bearish trend looks strong, confirmed by many indicators. The current position near the lower Bollinger band and oversold stochastic RSI could indicate a short-term rebound or correction, but if the downtrend continues, the next significant support could be tested.
Medium-Term Forecast: If the price continues to remain below the moving averages and the parabolic SAR remains above the price, the bearish trend may continue.
For now:
Support Levels:
First Support Level: ~65,500 USDC - This is the level where the price recently stopped and bounced.
Second Support Level: ~59.260 USDC - This level was the previous local low and could serve as significant support if the price continues to fall.
Resistance Levels:
First Resistance Level: ~67.833 USDC - This is the middle Bollinger Line and often serves as the nearest resistance level.
Second Resistance Level: ~69.813 USDC - This is the upper Bollinger Line, which could serve as a significant resistance level if the price begins to recover.
Always do your research before making investment decisions, but don't make them hastily
Share your opinion in the comments, please.
