Accurate Technical Analysis of Bitcoin (BTC) on Tuesday, April 29, 2025, based on the latest data and technical indicators:
🌺Current Price and Overall Trend
Current Price: Bitcoin is trading at $94,356, with a slight increase of 0.1% over the past 24 hours.
Overall Trend: Bitcoin shows a "bullish pennant" pattern, indicating the possibility of continued upward momentum towards higher levels like $99,000.
🌺Key Technical Indicators
Moving Averages:
50-Day Moving Average: $93,800 (short-term support).
200-Day Moving Average: $90,500 (long-term support).
Relative Strength Index (RSI): stands at 52, indicating neutral momentum (not considered in overbought or oversold territory).
🌺Support and Resistance Levels
First Support: $92,463 is considered an important support level in the event of a correction.
Second Support: $90,817, breaking this level could trigger a downward wave towards $74,322 according to Elliott Wave analysis.
First Resistance: $95,364 is a critical resistance level, breaking it may lead to testing higher levels.
Second Resistance: $99,293 is a potential target.
🌺Technical Recommendation
Bitcoin shows positive signals with strong support and potential upward momentum; however, it is essential to monitor key support and resistance levels closely, as breaking support at $90,817 could indicate a trend reversal.
