$BTC Technical Analysis by Quant
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The price of BTC has indeed taken a dive, currently sitting at 90300.01 USDT - a stark contrast from its previous highs.
Let's take a closer look at the charts and see what the technical indicators are telling us.
First off, we have a local maxima (resistance) around 91131.41 USDT, which suggests that the price has been consistently pushing against this level.
Not far behind is the local minima (support) around 90732.00 USDT - a crucial line in the sand for bulls and bears alike.
The 20-minute Simple Moving Average (SMA) of ~93333.05 USDT shows us where the short-term momentum lies, but with the price currently below this level, it's clear that the trend is downward-oriented.
And indeed, we have a mild downward trend channel forming - a sign that the bears are firmly in control for now.
Looking at the Bollinger Bands, we see that the current price has managed to dip into the lower band (~90318.60 USDT), but it's worth noting that these bands can be volatile and may not always provide clear-cut signals.
RSI (22.67) indicates a severe oversold condition, suggesting that the price might be due for a rebound.
However, we've also got some negative momentum indicators - like the MACD (-969.86) and Signal line (-578.35) - which both point to further selling pressure in the short term.
So what does this mean?
Well, with all these signals combined, it's hard to predict an immediate reversal, but I would expect a brief bounce before the downward trend continues.
Stay tuned for more analysis as we monitor the situation!
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I am BEARISH on this coin.