Moving Averages: The price is trading below the long-term moving average in purple (MA 99 at $82,381), confirming the medium-term downward trend.
In the short term, the price faces resistance from the moving averages (MA 7) at around $68,883 and (MA 25) at $67,743. The price needs to break through these levels and stabilize above them to confirm the recovery.
Relative Strength Index (RSI 6): * It records a reading of 45.26. This means that the indicator is in a neutral area slightly leaning towards negative. It has not reached the oversold or overbought levels, indicating a state of hesitation and a lack of clear and strong momentum currently.
MACD Indicator: * We notice small green bars appearing in the histogram (Histogram at 800.24), and the crossover of the lines (DIF and DEA) has started to give positive signals of weakening continuous selling momentum. This is an early signal of a potential recovery, but it needs confirmation by breaking the price through resistance levels.
**Current key levels (support and resistance)
Main support: $60,000. This is the last strong bottom. Maintaining it is very essential to avoid another downward wave.
Nearby resistance: $68,800 (area of nearby moving averages). Breaking it opens the way to test the psychological barrier at $70,000 and above.
***Note: This technical analysis is based solely on the indicators shown in the image for reading the current market movement, and it should not be considered in any way as investment or financial advice. The cryptocurrency market is highly volatile.
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