The cryptocurrency market today saw strong movement in the BTC/USDT pair, with Bitcoin reaching a new all-time high of 85,367.93 USDT, before entering a severe correction wave that brought it down to 84,251.58 USDT, a decline of -1.01% in just 24 hours.
Quick Technical Analysis:
Moving Averages (MA):
MA(7) = 84,409
MA(25) = 84,425
MA(99) = 84,509
We notice that the price suddenly broke below all moving averages, indicating weak buying momentum.
The last candle: A long red candle representing very strong selling from large traders (whales), accompanied by an explosion in trading volume, ringing alarm bells for a potential correction wave.
Support and resistance levels:
Nearby support: 84,000
Strongest support: 83,500
Next resistance: 84,700 then 85,40
Cryptocurrency Killer Predictions:
1. First scenario - Bullish rebound: If the price holds above 84K, we may witness a quick rebound towards 84.7K and then retest the peak again at 85.3K.
2. Second scenario - Breaking support: If the 84K level breaks, the path will be paved to test 83.5K and even 82.9K as a medium-term corrective target.
3. Market Momentum: An increase in trading volume with selling pressure may indicate a liquidation of long positions, so caution is advised.
Free advice:
Stick to your plan, do not chase the market, and watch for breaks or respect of support areas. Wolves do not chase the herd, they wait for the right moment.