BTC #btc #bitcoin #altcoins
Based on the chart and the indicators present:
1. General trend (candlestick chart):
The price is in an evident downtrend with several consecutive red candles, indicating selling pressure.
2. Parabolic SAR:
The SAR dots are above the candles, confirming the current downtrend.
3. MACD indicator:
The MACD and its signal line appear to be crossing downwards or are in the negative zone, reinforcing the price weakness.
4. RSI (Relative Strength Index):
With a value of 24.2, the RSI is in the oversold zone. This may indicate a possible bullish rebound in the short term, but it could also continue to fall if there are no clear signs of a reversal.
5. KDJ:
The K, D and J lines are close to low levels (oversold), indicating exhaustion of the bearish trend in the short term.
6. Support:
The 24-hour low (93,754.3) can act as a support. If this level is not broken, there could be a bounce.
Recommendation:
Avoid longs at the moment: The trend is bearish and there are no clear signs of a reversal.
If you decide to go long: Wait for confirmation of a bounce (a clear bullish candle on lower time frames like 15 minutes) and for the RSI to exit the oversold zone.
Stop-loss: Place it below the key support (93,754.3) to limit losses.