Current Price & Trend:
BTC is trading around 113,019.99 USDT, showing a slight decline (-2.34%).
Price is near a recent low at 112,566.01 USDT.
The short-term EMA lines (5, 10, 20) are above the current price, indicating a bearish trend for today.
Momentum & Indicators:
RSI values (6, 14, 24) are around mid 30s (34.83 to 35.45), which shows BTC is close to the oversold territory but not extremely oversold yet.
Stochastic RSI is around 23.81 (low), signaling potential bullish reversal soon if it turns upward.
MACD is negative (-32.55) with DIF below DEA, indicating current bearish momentum but also a potential for turning bullish if crossover happens.
Volume & Moving Averages:
Volume is 318.06300 with MA(7) below MA(10), indicating selling pressure currently.
Summary for Today:
BTC/USDT is likely to remain under pressure or slightly low today given current bearish EMA alignment and MACD negative momentum.
Watch for potential RSI and Stochastic turning points for early signals of reversal.
Trading Suggestions:
Spot Trading: Consider cautious buying near the support around 112,566 USDT if you expect a short-term bounce, but with tight stop-loss below recent lows.
Future Trading: Short positions could be considered as long as BTC remains below the EMAs and MACD stays bearish. Enter longs only after confirmation of bullish crossover on MACD and solid RSI rebound above 40.
Overall, the current view is cautious bearish for immediate term with some potential for short-term recovery if momentum indicators improve.
Let’s proceed with the trade according to the plan outlined above by selecting the chart.
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