Chart analysis in detail
1. Current price and movement direction
Bitcoin price is seen trading at 66,862.01 USDT with a decline of -0.84%. There are signs of strong selling pressure at the current levels as shown by the red line indicating the nearby resistance.
2. Technical indicators used
Bollinger Bands: The price is seen moving near the upper band of the Bollinger, indicating a possible overbought zone. If the price does not break the nearby resistance (R2 at 66,998.70), there is a possibility of a reversal.
Moving Averages:
The blue line (short-term average) is shown crossing the orange (longer average), giving a positive signal that the uptrend may continue in the short term.
RSI (Relative Strength Index): The index is standing at 61.55, which is close to overbought, meaning there may be resistance in the continuation of the rises, and there may be a correction soon.
MACD: The indicator is showing a bullish crossover where the blue line is above the orange with an increase in the green histogram bars, indicating positive momentum.
3. Basic support and resistance levels
Resistance (R2): 66,998.70
Resistance (R3): 67,159.77 - 67,891.20 (levels that may hinder the rise)
First Support (R1): 66,464.43
Second support: 65,696.26
If the price falls below 65,696.26, it may open the way towards strong support at 64,831.52.
4. General analysis and recommendations
As we mentioned earlier in the 30-minute analysis, the market has responded to expected moves based on precise mathematical analysis based on algebra and astronomical time cycles, proving the validity of this scientific approach away from astrology.
Trading recommendations:
Buy if it breaks above 66,998.70 with a target of 67,891.20.
Sell if 66,464.43 is broken and target support at 65,696.26.
It is advisable to deal with caution when approaching the resistance area of 67,159.77, as it may witness potential reversals.
5. Conclusion
Current indicators show a positive bias but as the market approaches resistance levels that may hinder the continuation of the rise. It is important to follow the upcoming close and the move that will occur after 30 minutes, as indicated by the previous study, to be able to make informed trading decisions.
