Yesterday BTC suddenly touch $91,300, will it go down further or maintain the price sideways?
Let's see what the chart say.
Detailed Technical Analysis:
Current Price Trend:
Bitcoin is trading at $92,797.58, showing a slight decline of 0.95%. The price is moving below the EMA (7, 25, 99), indicating bearish momentum in the short-to-medium term.Support and Resistance Levels:
- Support: $91,530.45 (recent low), followed by $91,108.78.
- Resistance: $94,200.98 (near EMA 25) and $96,764.22 (EMA 99).
Moving Averages:
- The MA(5) at $4,486.70 and MA(10) at $3,863.06 are descending, reflecting bearish sentiment.
- The price remains below these averages, reinforcing downward pressure.
Volume Analysis:
- The recent candlestick shows a surge in volume, indicating strong selling activity.
- Lower volume during upward movements suggests weak buying momentum.
Relative Strength Index (RSI):
- RSI at 39.55 suggests Bitcoin is approaching oversold territory but has not yet signaled a strong reversal.
Candlestick Patterns:
- Recent candles display long wicks and bearish pressure, highlighting market indecision with a downward bias.
Conclusion:
Bitcoin is in a bearish trend with weak upward momentum. Key support lies around $91,500, and resistance is at $94,200. Caution is advised as a retest of lower levels remains likely before any significant recovery.