Bitcoin (BTC) is trading around $63,141.00, after a slight recovery from the low of $61,814.00. The price remains in a short-term downtrend.
Bollinger Bands (BB): Price is moving near the lower band of the Bollinger Bands, indicating that BTC may be in oversold territory. However, price has not shown clear signs of reversal yet.
The RSI indicator is currently at 27.71, which is in the oversold zone. This reinforces the possibility of a short-term recovery, but does not guarantee a trend reversal.
Trading volume has been quite low during the recent recovery, indicating a lack of strong buying power.
Support: $61,814.00 (recent bottom), $62,903
Resistance: $63,624.85 (recent high), $63,839.95, $64,817.99 (recent high)
Short-term: BTC is likely to recover slightly in the short term due to being in the oversold zone. However, the downtrend may still continue if trading volume does not increase and the price fails to break above the resistance of $63,624.85.
Medium term: The medium term trend is still unclear, need to keep an eye on price action and trading volume.
Entry point:
Consider buying if price breaks above $63,624.85 resistance on high volume and RSI gives bullish signal.
Consider selling if price breaks $61,814.00 support on high volume.
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