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BITCOIN TREND ON 26/02/2024:
- Support: The $86,000-$87,000 zone is acting as psychological and technical support. If the price breaks this level, it is likely to retest the $80,000-$82,000 zone (CME gap or 61.8% Fibonacci level from the previous rally).
- Resistance: The $88,000-$90,000 zone is the nearest resistance zone. To confirm the uptrend again, BTC needs to close the daily/weekly candle above $88,000.
- RSI (Relative Strength Index): If the RSI on the 4H or 1D timeframe is at 30-40, the market may be in a slightly oversold state, creating an opportunity for a short-term bounce. However, if the RSI remains above 50, the selling pressure has not ended yet.
2. MARKET PSYCHOLOGY:
- The recent drop from $96,000 shows that the fear sentiment is dominant, especially when altcoins are also heavily affected. However, BTC's recovery to $87,000 shows that there is still buying power at low prices.
- If BTC continues to sideways around $86,000-$88,000 in the next few hours, the market may be in an accumulation phase before determining a new direction.
3. SHORT-TERM SCENARIO:
- Positive: If BTC closes the 4H or daily candle above $88,000, a slight uptrend may resume, towards $90,000-$92,000. This requires stronger buying power and increased trading volume.
- Negative: If the price fails to hold $87,000 and falls below $86,000, there is a high possibility of a deeper drop to $82,000-$85,000 in the next 24-48 hours. This is the area where sharks can hunt stop-losses or create panic sell.
ANALYSIS
At $87,000, BTC is at a crossroads. Holding this area and surpassing $88,000 will be a positive signal for the bulls. On the contrary, if it loses $86,000 (closes daily candle), the bears will dominate and push the price down further.
- Support: The $86,000-$87,000 zone is acting as psychological and technical support. If the price breaks this level, it is likely to retest the $80,000-$82,000 zone (CME gap or 61.8% Fibonacci level from the previous rally).
- Resistance: The $88,000-$90,000 zone is the nearest resistance zone. To confirm the uptrend again, BTC needs to close the daily/weekly candle above $88,000.
- RSI (Relative Strength Index): If the RSI on the 4H or 1D timeframe is at 30-40, the market may be in a slightly oversold state, creating an opportunity for a short-term bounce. However, if the RSI remains above 50, the selling pressure has not ended yet.
2. MARKET PSYCHOLOGY:
- The recent drop from $96,000 shows that the fear sentiment is dominant, especially when altcoins are also heavily affected. However, BTC's recovery to $87,000 shows that there is still buying power at low prices.
- If BTC continues to sideways around $86,000-$88,000 in the next few hours, the market may be in an accumulation phase before determining a new direction.
3. SHORT-TERM SCENARIO:
- Positive: If BTC closes the 4H or daily candle above $88,000, a slight uptrend may resume, towards $90,000-$92,000. This requires stronger buying power and increased trading volume.
- Negative: If the price fails to hold $87,000 and falls below $86,000, there is a high possibility of a deeper drop to $82,000-$85,000 in the next 24-48 hours. This is the area where sharks can hunt stop-losses or create panic sell.
ANALYSIS
At $87,000, BTC is at a crossroads. Holding this area and surpassing $88,000 will be a positive signal for the bulls. On the contrary, if it loses $86,000 (closes daily candle), the bears will dominate and push the price down further.
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