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💡💰Bitcoin: Analysis of current development - don't believe people who promise an increase to 98000, because it's not that simple!
The price remains below the SMA50 (96.363), which continues to confirm the short-term downtrend.
The attempt to break out above the SMA50 has so far failed.
Volume:
The volume remains at a moderate level. There is no significant buying power indicating a sustainable reversal.
RSI (Relative Strength Index):
The RSI is at 42.95, which is in the lower neutral range. This suggests that there is neither a strong buying nor selling bias, but the price could still have room to go down.
Support and resistance zones:
The next significant support remains in the range of 92,000-88,000 USD.
The resistance at 96,500-98,000 USD has held so far.
Dynamics of the Waves:
The price could be in a late stage of wave C of the correction, which could mean a completion of the downward movement in the range of $92,000–88,000.
If the support at $92,000 does not hold, a test of lower levels (e.g. $85,000) would be possible.
Prognosis:
Bullish scenario:
A clear break above $96,500 with significant volume could allow a retest of the $98,000 or even $100,000 area.
Bearish scenario:
The price could continue to fall towards 92,000–88,000 USD, especially if the SMA50 acts as resistance.
Conclusion: The development remains consistent with the previous analysis. As long as there is no sustainable rise above $96,500, the risk of a move to the $92,000-$88,000 range remains high. A clear confirmation of a reversal movement is still pending.
This is not financial advice.
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