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Cryptograma, your first office #BinanceWealth in the world, brings a hot analysis of Bitcoin!
Bitcoin (BTC) continues to surprise! After a phase of consolidation, the king of cryptos broke through the significant barrier of US$ 116,000, validating a clear upward trend in the short term.
📊 Short-Term Analysis (15-Minute Chart):
Confirmed Breakout: BTC is trading at US$ 116,746, with an impressive gain of +3.23% in the last 24 hours. The price broke strongly and remains above the old resistance level of US$ 116,000, now acting as support.
Strength of Moving Averages:
The current price is firmly above all the Exponential Moving Averages (EMAs) and Simple Moving Averages (MAs) we track (EMA/MA 7, 25, and 99).
The short-term averages (EMA/MA 7 and 25) are clearly above the long-term ones (EMA/MA 99), which is a classic sign of strong bullish momentum in the short term.
Volume Supporting the Rise: We observed an increase in volume during this upward movement, which is crucial. A breakout with volume indicates genuine interest from buyers and lends greater credibility to the price movement.
RSI in Overbought Territory:
The Relative Strength Index (RSI) for different periods (6, 12, and 24) is at elevated levels (76.94, 77.47, and 73.06, respectively), indicating that the asset is in overbought territory in the very short term.
Insight: Although overbought RSI may be a sign of exhaustion, in a market with strong momentum, the price can remain overbought for a while before a correction. Traders should be vigilant for potential relief pullbacks.
Next Levels:
Immediate Support: The region of $116,000 is now a crucial psychological and technical support. Short EMAs, such as the EMA(7) at ~ $116,562, also serve as dynamic support.
Immediate Resistance: The 24h High of $116,887 is the current challenge, with the next psychological target at $117,000. If buying strength persists, BTC may aim for $118,000 soon.
Cryptograma Conclusion:
Bitcoin shows great resilience and strength, breaking important levels. The upward trend is clear in the short term, driven by good volume. However, the high RSI requires traders to monitor closely, as a quick correction to relieve overbought conditions is always a healthy possibility.
Stay alert and trade responsibly!
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