In a detailed analysis on the hourly frame, we observe that #Bitcoin (BTC) is currently trading around $82,733 amidst a clear bearish momentum:
Red candles dominate, and the last candle is small = confusion in the market
Moving averages (MA7, MA25, MA99): the price is below all of them = downward trend
Negative MACD = selling momentum continues
Volume is low = buyers are still hesitant
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My expectation in the coming hours:
The closest scenario:
Gradual decline to test the strong support at $82,000
If broken with a strong candle, we may see levels of $81,500 or even $80,800.
The alternative scenario (currently less likely):
Technical rebound from $82,000 provided a strong reversal candle appears with high trading volume, and the price may rise to test $83,115 then $83,500.
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My advice to traders:
Stay away from random trading now! Wait for confirmation of the next move (breakout or rebound), and monitor the price action at $82,000 as it is the key for the next move.
Do you think Bitcoin will rebound? Or are we on the verge of a new crash? Share your analysis $BTC