Hello Intrepid Traders,
Here is my analysis of the current 1-Day Bitcoin Chart
Descending Resistance Trendline on RSI:
The RSI still shows a clear descending resistance line. This reflects weakening momentum during each rally.
If the RSI breaks above this trendline, it would be a leading indicator of a potential bullish breakout in price.
Price Levels:
The price is hovering near the first green support zone (~$93,000). This area aligns with horizontal support and could see short-term buying interest.
If this zone is broken, the price could fall to the lower green zone (~$77,000-$80,000), where strong historical support lies.
EMA Levels:
The green EMA (50-day) is just below the current price and acts as dynamic support. Losing this EMA would confirm bearish momentum and increase the likelihood of further downside.
The red EMA (200-day) near the lower support zone (~$80,000) offers long-term dynamic support.
Bullish Scenario:
A breakout above the descending resistance on RSI and the descending price trendline would indicate a reversal of the current downtrend.
The immediate resistance for such a breakout would be around $100,000.
Bearish Scenario:
A confirmed breakdown below $93,000 could trigger a move to the $77,000-$80,000 zone.
The lack of RSI recovery and a continued downtrend would suggest prolonged selling pressure.
Momentum:
RSI is near neutral but leaning bearish. Without a breakout, momentum remains weak, increasing the risk of further declines.
Bitcoin is at a pivotal point. If the descending resistance trendline on RSI is broken, a bullish move to retest $100,000 is possible. However, failure to hold the $93,000 support and a continued RSI rejection may lead to a deeper correction toward $77,000-$80,000.
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Leave your question and or comments, I’d love to hear from you.
More power to all your trades, my friends!
Intrepid Trader