Weekly Analysis: $BTC Quick with recommendations ‼️
Current price at $58,148 indicates a continuation of the downward correction.
Technical indicators:
1. Moving Averages (EMA):
• The 7-day moving average at $60,987.83 is a nearby resistance.
• The 25-day moving average at $60,445.78 confirms the continuation of selling pressure.
• The 99-day moving average at $45,673.34 is a long-term support.
2. Stochastic RSI:
• A reading of 18.81 indicates a potential oversold condition, which enhances the chances of a short-term rebound.
3. MACD:
• The Diff (DIF) at 1,507.65 indicates a decline in bullish momentum, with a possible continuation of the correction.
Recommendations:
1. Nearby Resistance Level: If the price manages to surpass $60,000, we may witness the return of the uptrend.
2. Critical Support Level: If the price breaks the $55,000 level, the decline may continue towards $50,000.
3. Stop Loss: It is preferable to place it below the $55,000 level.
4. Close Follow-up: Watch the $58,000 levels carefully to confirm the upcoming trend.
Share your market view and future expectations!
This analysis is not financial advice.
