1. 1H Frame – Short term:
BTC just had a big red candle like a tomato, piercing through EMA7 and EMA25, closing below EMA99 – a sign of losing short-term momentum. RSI(6) fell to 34.65 – close to the oversold area. It is expected to have a slight technical rebound around 83,800 – 84,200 before choosing the next direction.
2. 4H Frame – Medium term:
The sideways trend is clear, the price is hovering between EMA99 and EMA25, creating a feeling that BTC is 'hesitant like standing at a crossroads'. RSI(6) ~43 – indicates it is not too weak, but also not strong. If it does not break 84,800, it may easily turn back to test the area of 83,000 – 82,700.
3. 1D Frame – Medium - Long term:
BTC is trying to recover after a strong dump to 74,500. EMA7 crossing above EMA25 is a positive signal, but EMA99 at 87,500 is still a formidable resistance. RSI(6) is gradually climbing back to the neutral zone ~55. If it can hold 83,500, it may test back to 85,500 - 86,000 in the next few days.
4. 1W Frame – Long term:
The weekly candle is recovering after 4 consecutive weeks of decline. However, EMA7 has crossed below EMA25 – a warning sign that the long-term uptrend is weakening. RSI(12) and (24) have both fallen below 50. If it cannot break the 86,000 – 88,000 area this week, the risk of BTC returning to test the 77,000 – 74,000 area still remains.
Summary:
• Short term (1-2 days): It may have a slight bounce around 84,500 but is still weak, so be careful of a bull trap.
• Medium term (3-7 days): Sideways – leaning towards the downward direction if it cannot break 85,000.
• Long term (2-4 weeks): Still in the process of technical recovery after a strong drop, needs to break 88,000 to confirm the uptrend.
Be careful when entering orders at this time, because BTC is 'shaking to shake off people'! If you are not sure, just sit outside and drink tea for safety.
