Comprehensive technical analysis of the BTC/USDT trend

Date: February 16, 2024, 10:59 CET Location: A Coruña, Galicia, Spain

Indicators:

● Moving average (MA):

○ MA(7): 52,002.88 (bullish)

○ MA(25): 50,744.44 (bullish)

○ MA(99): 45,984.14 (bullish)

● Balanced Volume Index (OBV): 388,852.90 (bullish)

● Relative Strength Index (RSI): 54.42 (neutral)

● MACD:

○ DIF: 970.92

○ DEA: 1,072.47

○ MACD: -101.55 (neutral)

Candles:

● The chart shows a bearish candle formation.

● The last candle is a red candle with a large body and a small wick, indicating

strong selling pressure.

● The lower wick of the last candle is long, indicating that there were buyers who

They tried to push the price up but they were rejected.

Analysis:

BTC/USDT technical analysis shows a long-term bullish trend, but a

short-term bearish trend.

Indicators:

● The 7-day, 25-day, and 99-day moving averages are all sloping upward, indicating a

long-term bullish trend.

● OBV is also in an uptrend, confirming the long-term uptrend.

● The RSI is in neutral territory, indicating that there is no overbought or oversold

significant.

● The MACD is in negative territory, indicating a short-term bearish trend.

Candles:

● The formation of bearish candles indicates that the selling pressure is strong at the moment.

● The last red candle with a large body and a small wick indicates strong selling.

● The long lower wick of the last candle indicates that there were buyers who tried

push the price up, but they were rejected. Conclusion:

BTC/USDT is in a long-term uptrend, but in a short-term downtrend

term. Indicators suggest that the long-term uptrend remains intact, but that

You have to be careful with short-term selling pressure.