🔥 Bitcoin Analysis (BTCUSDT) - Dated April 29, 2025 🔥
Overall situation: $BTC
Bitcoin is currently trading around $94,300 to $94,700 with upward momentum continuing since breaking the $88,000 levels.
The price is fluctuating near an important psychological resistance at $95,700.
🔎 Detailed Technical Analysis:
The daily trend (Daily Chart):
The price has successfully broken a descending channel it was previously confined within.
Bitcoin is currently above the important moving averages (50/100/200 days).
The recent candles show some indecision at the resistance level, with attempts to stay above $94,000.
The 4-hour trend (4H Chart):
Narrow horizontal movement between $93,500 - $95,700
A Flag pattern is showing on the 4-hour frame, often considered a bullish continuation if a breakout above $95,700 occurs.
Important support at levels $93,000 and $92,500.
📊 Technical Indicators Reading:
· RSI (14): On the daily interval around 67-70 => Near the overbought area but has not given a reversal signal yet.
· MACD: Bullish and positive, supporting the likelihood of continued rise.
· Stochastic RSI: Slightly overbought but holding steady for now.
· Parabolic SAR: Still below the price on different time frames, indicating that the overall trend is still upward.
🛡️ Key support and resistance levels:
Support levels
$88,000 - $91,400 - $92,500
Resistance levels
$95,700 - $98,000 - $100,000
🧠 Summary and Forecast:
As long as Bitcoin is above $92,500, the outlook is positive and set to test the level of $95,700 then $98,000.
Breaking the support at $92,500 may lead to a correction towards $91,400 and possibly $88,000.
It is preferable to monitor the breakout at $95,700 with strong trading volume to confirm the continuation of the rise.
📢 Important Note: This analysis is for educational and informational purposes only and should not be considered financial or investment advice. Manage your risks well!