1. General trend:
- Current price is 64,428.02 USDT, down 2.00% indicating selling pressure.
- The market is showing a strong bearish trend after a sharp decline from the 66,076.12 USDT level, and is still under negative pressure.
2. Support and resistance levels:
- Key Support: It is located at 64,190.00 USDT, which is the recent low. If broken, the decline may continue to lower levels.
- Main resistance: It is located at 64,787.27 USDT, which is the highest point that could be a barrier to any attempt to rise.
3. Technical indicators:
- RSI (6): Current value of 34.78 indicates that the market is very close to oversold areas (which usually start at 30). This means that the market may see a corrective bounce soon.
- Stochastic (KDJ) Indicator: The current value of K (53.81) and D (43.17) indicates a slight bullish crossover, which is a positive signal of a possible bullish reversal or bounce soon.
- Japanese candles: The last candles show attempts by buyers to regain some control after the sharp decline, but the market is still weak overall.
4. Proposing deals:
- Buy deal:
- Entry point: A buy trade can be considered if the price continues to bounce from the support level of 64,190.00 USDT and strong signs of recovery appear such as breaking the resistance level of 64,787.27 USDT.
- Targets: The first target could be at 65,000 USDT, and the second target at 65,500 USDT.
- Stop Loss: Set stop loss below the support level at 64,000 USDT to reduce risks in case the downtrend continues.
- Sell deal:
- Entry point: A sell trade can be considered if the price clearly breaks the support level at 64,190.00 USDT and continues to decline.
- Targets: The first target could be at 63,500 USDT, and the second target at 63,000 USDT.
- Stop Loss: Set stop loss above the resistance level at 64,800 USDT to avoid any sudden bullish reversal.
Conclusion:
The overall trend is bearish with selling pressure, but there is a possibility of a corrective bounce soon based on RSI and KDJ signals. Support and resistance levels should be carefully monitored and trend confirmation should be waited for before making any trading decisions.
