$BTC #Technical Analysis
Trend and Price Patterns:
Bitcoin is trading within an ascending channel, reflecting a bullish structure. However, some analysts suggest a potential pullback toward the lower channel boundary (~$93,000) before further upside.
BTC recently broke through a short-term rising trend channel floor, indicating a possible slowdown in the rising rate or a shift to horizontal development.
Key support levels: $93,000, $92,077, and $91,062. Key resistance levels: $97,317, $98,000, and $105,500 to $106,000. A break above $106,000 could signal further bullish momentum.
Historical resistance at $94,381 has been tested, with potential to move toward $99,449 if breached.
Indicators:
Relative Strength Index (RSI): Currently at 65.92 (neutral) to 83.68 (overbought) across different analyses. RSI above 70 suggests potential overbought conditions, which could lead to a short-term correction.
Moving Averages (MAs): BTC is trading above its 10, 20, 50, 100, and 200-day EMAs, signaling a bullish trend. The 50-day SMA is projected to reach $109,474 by May 31, 2025, and the 200-day SMA at $93,990.
Volume Balance: Positive, with higher volume on days with rising prices, indicating investor optimism.
MACD and Stochastics: Generally bullish, though high RSI and stochastic readings warn of possible short-term pullbacks.
Pivot Points:
Classical pivot point (P1) at $94,162, with support at $93,147 and resistance at $95,232.
