Last 24 hours we see BTC price drop a bit, let's see what the chart say. Is it the end of Christmas rally?
Detailed Technical Analysis:
Price Overview:
- Current BTC/USDT price: $93,772.87 (-1.23%).
- 24H Range: $93,009.52 - $95,315.50.
- Price is trending below the EMA(7), EMA(25), and EMA(99), indicating bearish momentum.
Moving Averages:
- EMA(7): $94,267.80
- EMA(25): $95,171.46
- EMA(99): $97,216.03
The short-term EMA(7) is under the longer-term EMAs, confirming a downtrend.
Volume Analysis:
- Declining volume on recent price action suggests weakening buying power.
- MA(5) volume at 2,665.81 is above the MA(10) volume at 2,026.76, hinting at sporadic volatility but insufficient momentum for a trend reversal.
RSI (Relative Strength Index):
- RSI(6) at 34.85 is approaching oversold levels (<30), suggesting potential near-term buying interest or consolidation.
Candlestick Pattern (4H):
- Formation of lower highs and lower lows indicates sustained bearish pressure.
- Weak rejection at $93,009.52 indicates the market is testing key support.
Historical Bitcoin Performance During New Year:
Historically, Bitcoin often sees price volatility around the New Year due to:
- Profit-taking: Traders closing positions before year-end.
- Renewed demand: Fresh capital inflow at the start of the year.
While early January has historically been a mixed bag, Bitcoin tends to show stronger performance in Q1, fueled by optimism and new liquidity.
Conclusion:
Bitcoin is showing bearish signals on the 4H chart with support at $93,000 and resistance at $95,000. With RSI nearing oversold territory, consolidation or a potential bounce could occur. Historically, Bitcoin often experiences fresh momentum in the New Year, so the upcoming days may provide an opportunity for trend reversal. Stay cautious of volatility.
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Damn, we're down to 93k!? I really don't pay constant attention to BTC price as I'm in it for the long haul and will keep buying at a steady pace regardless of price.
I do tune in for all time highs and big price drops though 🤑
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