Temporary rebound or continuation of the decline?

New analysis

Current price: $84,860.

General trend: The overall trend is still bearish, but we are witnessing a temporary upward rebound from the support level of $84,000.

RSI Indicator: Rose to 39.69, indicating weak selling momentum, but there is still room for more upward movement before reaching the overbought area.

MACD Indicator: Still indicating a bearish trend, but the divergence between its lines has started to decrease, which may indicate weakening bearish momentum.

Support levels: $84,000 (important psychological support), $83,500, $83,000.

Resistance levels: $85,800 (major resistance), $86,500, $87,000.

Forecast:

Possible scenario: Temporary upward rebound towards the resistance level of $85,800, then resuming the decline.

Monitoring: We are watching the resistance level of $85,800 and trading volume to confirm the rebound or continuation of the decline.

Risk management: Using a stop-loss is essential to protect capital.

Advice:

Do not rush to open buy positions, and wait for confirmation of the upward rebound.

Monitor trading volume at the resistance level of $85,800.

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