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📊 $BTC Technical Analysis (Based on the Image)
1. Overall Trend
Bitcoin is currently in a downtrend, as shown by:
A descending trendline (upper black line)
Price making lower highs consistently
This indicates selling pressure is still strong.
2. Key Support Level
There is a major horizontal support zone around $30,000 – $31,000.
Price is currently testing this support.
If BTC breaks below this zone, it may drop further.
If BTC holds this level, a bounce is likely.
3. Moving Averages (MA 50 & MA 200)
50-day MA (blue) is trending downward.
200-day MA (red) is also flattening but still above price.
Price is below both moving averages, which shows:
Bearish momentum
Trend weakness
This is a negative signal unless $BTC reclaims these moving averages.
4. RSI Indicator
The RSI is near the lower zone.
RSI is close to oversold levels (30)
This suggests a possible short-term bounce or a slowdown in selling.
However, oversold does not guarantee a reversal—trend is still down.
5. Descending Triangle Pattern
The chart shows a descending triangle, a bearish pattern:
Lower highs
Flat support around $30k
This pattern usually breaks downwards, but confirmation is needed.
6. Possible Scenarios
🔻 Bearish Scenario (More likely)
If BTC breaks below $30,000:
Next targets: $28,000 → $25,500
🔼 Bullish Scenario (Less likely unless volume increases)
If BTC holds support and breaks above the descending trendline:
Upside targets: $36,000 → $40,000
📌 Summary
is currently bearish, staying below the 50 & 200 MA.
Price is testing strong support around $30k.
RSI suggests oversold, so a small bounce may happen.
A breakdown from the descending triangle could push BTC lower.
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