Technical Analysis of Bitcoin Price (BTC/USDT)
It is clear that there is a divergence between long-term and short-term price performance. Here are the details of the indicators:
1. Price and Exponential Moving Averages (EMA)
* Current price: $107,016.73.
* Moving Averages:
* EMA(7): Its value is $107,482.71. The price is currently trading below it, indicating a sign of weakness in the short term.
* EMA(25): Its value is $105,764.41. The price remains above this average, which is considered an important support level in the medium term.
* EMA(99): Its value is $98,111.57. Staying significantly above this level confirms that the overall trend remains strongly bullish.
2. Relative Strength Index (RSI)
* The value of the indicator is 49.81.
* Interpretation: This reading is in the neutral zone (between 30 and 70), indicating a current balance between buying and selling forces and a lack of momentum in either direction.
3. MACD Indicator (MACD)
* This indicator currently provides the clearest negative signal, as a bearish crossover has occurred.
* Exact values:
* The MACD line (DIF) is 1,321.34.
* The signal line (DEA) is 1,347.37.
* The difference between them (Histogram) shows a negative value at -26.03.
* Interpretation: Since the MACD line is below the signal line, it confirms a shift in momentum towards a bearish direction in the short term.
Technical Summary
The overall trend for Bitcoin remains bullish in the long term as long as the price stays above its key averages (EMA 25 and EMA 99).
However, in the short term, clear technical signs of weakness have emerged, most notably the negative crossover of the MACD indicator, increasing the likelihood of continued bearish correction. The main support level to watch is $105,764.41. If the price remains above this level, it may resume its upward movement. Conversely, if it breaks below, the price may test lower support areas.