Technical Analysis:
Moving Averages: Moving averages are showing mixed signals; the 50-day moving average is showing a bearish bias, which could indicate continued negative pressure on the price.
Relative Strength Index (RSI): The RSI is currently in a neutral zone, indicating neither overbought nor oversold conditions.
Support and Resistance Levels:
First Support: $95,195; breaking it could lead to further decline towards $91,000.
First Resistance: $99,000; breaking it could push the price towards $102,000.
Forecast:
If the price continues to trade below $95,195, we could witness further downside correction towards $91,000. On the other hand, breaking $99,000 could restore the upward momentum towards $102,000.
Note: This analysis is based on data available until January 8, 2025. It is always advisable to follow real-time updates and market changes before making any investment decisions.
For more in-depth technical analysis and how it is applied to cryptocurrencies