Analysis of the current BTC/USDT movement:
Current price: 87,639.93 USDT (+0.61%)
Highest price in 24 hours: 88,275 USDT
Lowest price in 24 hours: 85,860 USDT
Indicators
1. SAR (yellow dots):
The dots are still above the candles, indicating that the previous trend was bearish, but the price has started to rebound.
2. MACD:
DIF at 531.22 and MACD at -136.69, indicating that the market was in correction but may begin to regain bullish momentum.
3. RSI (Relative Strength Index):
At 57.47, which is a neutral level, meaning there is no overbought or oversold condition, but the trend is leaning upward.
Pros:
The price is trading near resistance at 88,000 USDT, and if it is broken firmly, we may see a new rise.
RSI in a neutral position allows for further upward movement without strong selling pressure.
The recent rebound indicates buying strength after the correction.
Cons:
MACD is still negative, meaning there is a need for more positive momentum to confirm the rise.
Resistance at 88,000 - 88,500 USDT may pose a barrier, and if not broken, we may see another correction.
If 88,000 USDT is broken and buying momentum continues, we may see BTC heading towards 89,000 - 90,000 USDT.
If it fails to surpass 88,000 USDT, the price may return to test support at 86,500 - 86,800 USDT before attempting to rise again.
There is a good chance for continued upward movement, but resistance at 88,000 USDT should be monitored closely. If it is firmly broken, the rise will continue, but if the price fails to do so, a temporary correction may occur.
