📉$BTC USDT TECHNICAL ANALYSIS
4-hour chart shown $BTC is trading at $79,180, up by 3.62% in the last 24 hours. The 24-hour high was $79,327, and the low was $75,714.
24-hour trading volume in BTC is high (27,750 BTC), indicating strong interest and momentum in the current move.
RSI is at 87.96, which is significantly overbought (generally, an RSI above 70 is considered overbought). This suggests the price is at a high point and may be due for a correction or consolidation.
5-period moving average (yellow line) is above the 10-period moving average, showing short-term bullish momentum.
10-period moving average (purple line) lags slightly below the MA(5), further confirming recent upward momentum.
BTC is in a strong uptrend, with consecutive green candles indicating continued buying pressure.
Recent breakout above $75,371 (a previous resistance level) suggests a continuation of the uptrend, though the high RSI warns of a possible pullback.
Immediate support is likely around $75,371 (the previous resistance), with additional support at $70,790.
If you guys already holding a long position, consider setting a stop-loss around $75,371 to lock in profits, as BTC may face resistance around the $80,000 psychological level.
Given the high RSI, entering at this level carries risk. A pullback to $75,371 could present a better entry opportunity if the uptrend continues.
Short Position: Given the overbought RSI, a short-term correction is possible. However, shorting in a strong uptrend can be risky. Consider waiting for clear signs of a reversal before shorting.
BTC is displaying strong bullish momentum, but the overbought RSI suggests caution. It may continue upwards, but a pullback or consolidation near the $80,000 level is likely as traders take profits. Waiting for confirmation of the next direction would be prudent before taking large new positions.