BTC technical analysis

Note: This section contains information in English only.
Source: Dukascopy Bank SA
BTC chart indicates a clear bearish trend. The price is moving within a well-defined descending channel, which is characterized by a consistent pattern of lower highs and lower lows.

This downward momentum is confirmed by the Simple Moving Averages. The price is trading significantly below the 100-period SMA, the red line, which is acting as a strong dynamic resistance level around 113078.8. Furthermore, the 24-period SMA, the purple line, is also above the current price, serving as a more immediate resistance. A strong bearish signal has already occurred where the short-term purple line moved below the long-term red line.



The Relative Strength Index, or RSI, is hovering at 49.4, right around the 50 midline. This reading suggests neutral momentum, indicating that the recent small bounce from the channel's bottom has stalled and failed to generate any significant buying power.

In conclusion, the outlook remains bearish. The current price action appears to be a minor pullback within a larger downtrend. The most likely scenario is that the price will struggle to break above the 24-SMA and will face heavy rejection at the major resistance confluence of the 100-SMA and the upper channel line around 113,000, before heading back down to test the lower bounds of the channel.
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