Last 24 hours we see Bitcoin very close to previous ATH. Is it ready to create new ATH? Let's see what the chart say.
Technical Analysis:
Price Movement:
- Current Price: $104,300 (+4.11%).
- 24H High: $105,865.22.
- 24H Low: $100,050.
- Price is holding above the short-term EMA(7) ($103,333.78), indicating bullish momentum.
Exponential Moving Averages (EMA):
- EMA(7): $103,333.78 (bullish short-term support).
- EMA(25): $100,123.70 (medium-term support holding strong).
- EMA(99): $97,369.49 (long-term trend bullish).
Volume Analysis:
- Recent green candles with increasing volume indicate buyer interest.
- Decreasing red candle volume suggests limited selling pressure near $104,300.
Relative Strength Index (RSI):
- RSI(6): 68.91.
- Nearing overbought territory (70+), indicating potential for a short-term correction or consolidation.
Candlestick Patterns:
- Bullish trend visible with higher highs and higher lows.
- The last red candle at $105,865 suggests resistance near this level.
Support and Resistance:
- Immediate Resistance: $105,865 (24H high).
- Immediate Support: $103,041 (recent low).
Conclusion:
Bitcoin shows bullish momentum but is approaching overbought RSI levels, signaling potential consolidation near $105,865 resistance. A break above could lead to new highs, while support at $103,041 is key to maintaining the uptrend.
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