💰By analyzing the daily chart of BTCUSDT, we can highlight several key points that determine the current position of Bitcoin on the market:
1. Downtrend within the channel 📉
Bitcoin has been in a descending channel since early May 2024. This indicates a prolonged bearish phase, where the price fluctuates between the boundaries of the descending channel (blue lines). It is important to note that the price is still inside this channel, and without a clear breakout above or below the boundaries, the trend remains downward.
2. Key Moving Averages (MA) 📊
MA (7) and MA (25) have crossed, which may indicate possible consolidation. Current values:
AND (7): 59,525
MA (25): 58,508
MA (99): 61,209
However, the price is still trading below the MA (99), which confirms the presence of a long-term bearish trend.
3. Bollinger Bands 💡
Bollinger Bands are showing a squeeze in volatility, especially around the resistance area around 61.696. This often heralds a significant price move. If a breakout occurs to the upside, Bitcoin could reach levels around 65,000, but if a breakout occurs to the downside, a return to support levels below 55,000 can be expected.
4. Ichimoku Cloud 🌥
Ishimoku indicator:
The cloud currently points to resistance at levels around 59.540 and above.
If Bitcoin can break through this level, a move into the bullish zone is likely. However, the price being under the cloud for now indicates bearish sentiment.
5. Parabolic SAR 📈
The Parabolic SAR indicator points to support below the current price at 54.316. If this level is broken, the price may continue to fall to the lower border of the channel.
6. Support and resistance levels 🛑
Support: The main support is around 54.090. This level has already stopped the price from falling further several times.
Resistance: The resistance zone is located around 61.696, and its break could be a key signal to exit the bearish trend.
7. Potential scenarios 🔮
Bullish scenario: If the resistance at 61.696 is broken and the price consolidates above MA (99), the price may start moving towards 65.000 and above.
Bearish scenario: If the price continues to fall and breaks the support at 54.090, a further correction to 50.000 and below is possible.
Conclusion 🧠
The current situation in the Bitcoin market points to uncertainty. The compression of the Bollinger Bands and the presence under the Ichimoku cloud indicate a possible strong move in the near future. Traders should closely monitor the resistance and support levels to quickly react to potential changes in the trend.
