#BTTC
Based on the chart, let's analyze the situation for the next 8 hours:
Key Observations:
1. Fibonacci Levels:
Current price (0.00000108) is near the 38.2% level (0.000001028).
This indicates the price is testing a retracement level and could either rebound or continue downward.
2. RSI (Relative Strength Index):
RSI(6) = 33.48: Close to the oversold region (<30), suggesting selling pressure may be easing.
RSI(12) and RSI(24) show moderate strength but are leaning bearish.
3. EMA (Exponential Moving Averages):
EMA(7) < EMA(25) < EMA(99): This confirms a bearish trend.
Price is below all EMAs, suggesting selling momentum still dominates.
4. MACD (Moving Average Convergence Divergence):
Negative DIF and DEA indicate bearish momentum.
No bullish crossover observed in the histogram.
Recommendations:
Short Position:
If the price fails to break above 0.00000112 (EMA(7) resistance) within the next 2 hours, consider entering a short position targeting the 50% Fibonacci level (0.00000105) or 61.8% (0.00000107) for profit-taking.
Set a stop loss above 0.00000114 (recent high).
Long Position:
If the price breaks and sustains above 0.00000112, a potential reversal could push the price toward 23.6% (0.000001002) or higher.
Set a stop loss below 0.00000105 in this case.
