Currently, Bitcoin ($BTC ) is trading around $100,816, down approximately 3.18% from the previous day. Over the last 24 hours, its price fluctuated between a low of $98,809 and a high of $105,326.
Technical Analysis Overview:
1. Moving Averages (MA):
- Short-term MAs (e.g., 20-day MA) still indicate a bullish trend, but momentum appears to be slowing.
- Long-term MAs (e.g., 200-day MA) suggest the overall trend remains upward.
2. Relative Strength Index (RSI):
- RSI is hovering near the neutral zone (~50), indicating neither overbought nor oversold conditions.
3. MACD (Moving Average Convergence Divergence):
- The MACD is converging with the signal line, which could signal a potential price correction or consolidation phase.
4. Support and Resistance Levels:
- Key Support: $98,000 – A crucial zone to watch; breaking below this may trigger further declines.
- Key Resistance: $105,000 – A breakout above this level could reignite bullish momentum, potentially targeting $110,000.
Recommendation$BTC :
- Buying Recommendation: Consider buying near the **$98,000-$100,000 support zone if Bitcoin shows signs of recovery with increased trading volume.
- Selling Recommendation: If Bitcoin fails to hold above $98,000 or approaches the $105,000-$110,000 resistance zone without breaking through, it may be a good opportunity to take profits.
- Risk Management: Set stop-loss levels around $96,000 to minimize losses in case of a bearish breakdown.
