#BTC☀ From the updated chart of BTC/USDT, here’s an analysis and recommendation:
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Key Observations:
1. Price Action:
Current price: $90,240, down by 1.14%.
Price has fallen below the 7-MA (90,172.45) and is nearing the 99-MA (90,269.20), which might act as support.
2. RSI (Relative Strength Index):
RSI(6): 45.34 — Momentum is weakening but not oversold.
RSI(14): 43.52 — Reflects a bearish trend, nearing oversold levels.
3. MACD:
MACD line (DIF): -211.07, well below the signal line (DEA: -161.91).
Histogram is increasingly negative, indicating stronger bearish momentum.
4. Volume:
Volume is declining, which suggests weaker buying pressure and limited bullish confidence.
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Recommendation: Sell
Reasons to Sell:
Bearish MACD and weakening RSI suggest downside pressure.
Price has fallen below the shorter-term moving averages, signaling potential for further decline.
Weak volume indicates limited bullish support.
Target Levels:
Target 1: $89,300 — Closest support level.
Target 2: $88,500 — Next major support zone.
Stop-Loss:
Place at $91,500 to limit risk in case of a bullish reversal.
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Monitor closely, especially around the 99-MA (90,269) and RSI levels for potential support or further breakdown. Adjust strategy based on price action and volume changes.
