BTC has had an impressive rally, surpassing the $64,000 mark. However, the price is currently hovering around $62,900, indicating a slowdown and potential correction.

Analysis:

Trend: The medium-term uptrend remains intact, as shown by the price remaining above the MA 200 (red) and MA 50 (green). However, the short-term trend is showing signs of weakening as the price continues to retest the MA 20 (yellow) and has not been able to break out higher.

Price pattern: There is no clear reversal price pattern yet. However, the failure of the price to break above the previous high and form a "doji" candle at the high price range is a warning signal.

Trading volume: Trading volume has been decreasing in recent days, indicating that buying power is weakening.

Indicator:

RSI: RSI is declining and leaving the overbought zone, indicating that the bullish momentum is weakening.

MACD: MACD is still rising, but the histogram is falling, also showing that the bullish momentum is weakening.

Signs of adjustment:

Loss of bullish momentum: Price stagnates, trading volume decreases, RSI and MACD histogram decrease.

Psychological resistance: The $65,000 zone is a strong psychological resistance zone, the price was rejected here.

Doji Candle: Doji candle at high price zone shows market indecision.

Forecast:

Short term: BTC is likely to correct to the support zone of $61,000 - $62,000, possibly even deeper to $60,000 if it loses this support.

Medium-term: The next trend depends on the price reaction at the $60,000 support zone. If the price holds this zone, the uptrend could continue. Conversely, if the price breaks below, there is a high probability that the market will enter a stronger correction phase.

Conclude:

BTC is showing signs of correction after a sharp increase. Investors should be cautious, manage risks, and consider taking partial profits at high prices. It is necessary to closely monitor price reactions at important support/resistance zones to make appropriate trading decisions.

#Write2Win #TopCoinsJune2024 #BinanceTurns7 #IntroToCopytrading #BTC☀