$ BTC/USDT chart:
The recent strong upward move broke through a key resistance level around 102,339.00, suggesting renewed bullish interest. This level could now act as a floor if the price retraces. However, the advance stalled below the recent peak of 109,588.00, indicating that sellers are still present at this level.
The fact that the current price is below the 5-week moving average (119,945.87) suggests some short-term bearish pressure or a need for consolidation before another potential move higher. The much higher 10-week moving average (143,441.09) highlights that the longer-term trend, according to this indicator, is still significantly above the current price.
Looking at potential scenarios:
* If buyers regain momentum and push the price above 109,588.00 with convincing volume, we could see a test of higher levels.
* If selling pressure increases, the price might fall back to test the 102,339.00 support. A break below this could lead to further declines towards the 100,731.90 area.
Keep an eye on how the price interacts with these key levels and consider the signals from the KDJ indicator (if you have the specific values) for potential overbought/oversold conditions or divergence. Volume on any breakouts or breakdowns will also be crucial in confirming the strength of the move.
The recent strong upward move broke through a key resistance level around 102,339.00, suggesting renewed bullish interest. This level could now act as a floor if the price retraces. However, the advance stalled below the recent peak of 109,588.00, indicating that sellers are still present at this level.
The fact that the current price is below the 5-week moving average (119,945.87) suggests some short-term bearish pressure or a need for consolidation before another potential move higher. The much higher 10-week moving average (143,441.09) highlights that the longer-term trend, according to this indicator, is still significantly above the current price.
Looking at potential scenarios:
* If buyers regain momentum and push the price above 109,588.00 with convincing volume, we could see a test of higher levels.
* If selling pressure increases, the price might fall back to test the 102,339.00 support. A break below this could lead to further declines towards the 100,731.90 area.
Keep an eye on how the price interacts with these key levels and consider the signals from the KDJ indicator (if you have the specific values) for potential overbought/oversold conditions or divergence. Volume on any breakouts or breakdowns will also be crucial in confirming the strength of the move.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
BTC
115,054.67
-2.76%
Explore the latest crypto news
⚡️ Be a part of the latests discussions in crypto
💬 Interact with your favorite creators
👍 Enjoy content that interests you
Email / Phone number
Relevant Creator
@HAXNOcrypto