Hey Guys..!!
Meet again with me Wahyu Nahrul, This time I want to make a brief technical analysis of a cryptocurrency chart, the analysis I made is based on my experience and knowledge.
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Alright, let's get straight into the discussion, Happy reading!!
Bitcoin (BTC) Analysis
Today, January 26, 2024, I will try to analyze the price movement of Bitcoin technically.
If we look at the price movement of BTC in general, we can see that BTC is in an intense bearish phase. We see it in the movement of the candlesticks in the chart above where if we look closely the candlesticks tend to move downwards.
The chart above shows that the current bearish trend in the BTC/USD market will continue for the next few days because the UNI price has broken through the Support Level.
This is confirmed by the EMA Indicator with a Death Cross occurring between the 100 EMA and 200 EMA.
Further confirmation was also given by the ADX indicator with the presence of a cross between the two DI lines where the DI- the line moved above the DI+ line.
The RSI indicator gives the opposite signal. This indicator shows stretching of the RSI line away from the lower band, which indicates that there will be a change in the direction of the trend to Bullish in the future.
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