TECHNICAL ANALYSIS $BTC DATE 20/02/025
The bears have pulled Bitcoin below the support level of $94,000 on February 18, but the long candle wick indicates strong buying pressure at lower price levels.
The 20-day exponential moving average (EMA) at $97,539 is beginning to trend downward, and the relative strength index (RSI) is in the negative zone, suggesting that the bears have a slight advantage. If the price drops from the 20-day EMA, the BTC/USDT pair could plummet to the support level of $90,000. This remains a crucial level that the bulls need to defend, as breaking below $90,000 would complete the double top pattern.
If the bulls want to regain control, they need to push the price above the 50-day simple moving average (SMA) at $98,954. If successful, this currency pair could rise to $102,500 and then to $106,500.
