Through the attached image, the market can be analyzed using the indicators available on the chart:
1. Moving Averages (EMA):
EMA(7) and EMA(25) are showing a positive crossover, indicating bullish momentum. The current price is trading above the major moving averages, reinforcing the uptrend.
EMA(99) is a strong support level at 62,366, as it was a previous resistance level and turned into support.
2. Relative Strength Index (RSI):
The RSI at 81.50 indicates that the market is in an overbought condition, which may indicate a possible price correction or temporary stabilization before the upward trend resumes.
3. MACD Indicator:
The MACD line is in a positive zone, and it crosses the signal line, indicating that the bullish momentum is still in place.
The green bars in the histogram show that momentum is increasing.
4. Stochastic Indicator (STOCHRSI):
At the level of 99.40, the market appears to be in a severe overbought zone. A temporary correction or stabilization of the price is likely to occur soon.
5. Williams Index (Wm %R):
Also in the overbought zone, at -5.84, which supports the idea of a possible correction.
Support and resistance points:
The closest current resistance is at $71,997, the previous high.
The closest support is at $64,714, which is the EMA(25) level, indicating a possible price rebound in case of a decline.
General trend
The market is currently in an uptrend, but due to overbought indicators, there may be a slight correction or stabilization soon before the upward movement resumes.
This is not investment advice but my personal view $BTC
