$BTC 1 day chart analysis

Observations:

1. Current Price: The price is at 98,422 USDT, showing a 1.54% increase.

2. Trendlines:

• The price broke down below the ascending orange trendline, indicating a potential trend reversal or correction.

• The orange box around 108,366.8 USDT marks a resistance zone where the price struggled to stay above.

3. Support Levels:

• Key support is at 92,242 USDT (horizontal green line).

• The next significant support lies near 81,700 USDT, as marked by the lower limit line.

4. Indicators:

• Moving Averages (EMA):

• EMA(9): 100,088.6 (above current price, acting as resistance).

• EMA(50): 92,331.2 (close to current support).

• EMA(200): 74,162 (major long-term support).

• MACD: The MACD line is below the signal line (-968.0), indicating bearish momentum.

• RSI: The RSI value is 51.3, suggesting neutral momentum without overbought or oversold conditions.

Possible Scenarios:

1. Bearish Scenario:

• If the price fails to reclaim the 100,088 EMA, it may retest the 92,242 support.

• A breakdown below 92,242 could lead to a drop toward 81,700 USDT.

2. Bullish Scenario:

• If the price consolidates and breaks above the resistance at 100,088 USDT, it may target the 108,366 resistance zone again.

• RSI climbing above 60 could confirm bullish momentum.

Recommendation:

• Short-Term Traders: Monitor the 92,242 support closely. A break below this could signal a short opportunity targeting 81,700 USDT.

• Long-Term Traders: Wait for confirmation above 100,088 USDT or around 81,700 USDT for a buying opportunity.

Follow for more guys