$BTC

Trading Analysis based on 4 hour window

Key Indicators:

Price Action:

The BTC/USDT price is currently at $105,219.83, showing an upward trend (+3.24%).

Price has recently hit a 24H high of $106,648 and has remained above key support levels.

A significant upward trajectory can be seen on the chart since early December.

Moving Averages:

LSMA (50) and EMA Cross (5,12) indicate a bullish momentum as shorter-term EMA (5) remains above EMA (12).

Price is trending above both averages, confirming strength.

MACD (Moving Average Convergence Divergence):

The MACD line (blue) is above the signal line (red), showing a positive bullish crossover.

The histogram is relatively flat but stays above zero, suggesting mild bullish momentum.

RSI (Relative Strength Index):

RSI value is 99.09, which is extremely overbought (above 70).

This signals a potential pullback or consolidation phase as prices may be overextended.

Forecast and Insights:

Bullish Scenario:

If BTC/USDT maintains its momentum, it could test the next resistance near $106,600 or even move higher toward $108,000 in the short term.

Bearish/Correction Scenario:

Given the RSI is highly overbought (99.09), there is a significant chance of a short-term correction.

Immediate support lies at $104,177 and stronger support at $103,064. Breaking these could trigger a move down to $98,411.

MACD and Volume:

Watch for declining momentum on the MACD and any increase in bearish volume, which may indicate the start of a correction.

Trading Strategy:

Short-term Traders: Consider taking profits or waiting for a pullback to re-enter near support levels.

Long-term Investors: As the trend remains bullish, holding BTC with stop losses near $103,064 could be a good strategy.

In summary, BTC/USDT is bullish but overbought. A correction might occur before a further upward move. Keep an eye on RSI levels and price reactions near support zones.#BTCNewATH