Current Price: $104,047 24h High / Low: $106,231 / $103,954
Market Structure:
BTC is currently trading between $104,000 and $106,000, suggesting consolidation after reaching its recent all-time high of $112,000 on May 22.
A bullish engulfing candlestick pattern on the weekly timeframe indicates strong upward momentum, potentially leading to another retest of the recent high.
Technical Indicators:
Moving Averages (MA): The 50-day MA has crossed above the 200-day MA, forming a golden cross, which is a strong bullish signal.
Relative Strength Index (RSI): Currently in the overbought zone, indicating a potential short-term correction.
MACD: Shows strong upward momentum, supporting the current bullish trend.
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JamesNguyen
· 2025-05-31 00:10
Thank you for sharing, wish you a successful trading day.
📊 BTC/USDT – Technical Overview
Current Price: $104,047
24h High / Low: $106,231 / $103,954
Market Structure:
BTC is currently trading between $104,000 and $106,000, suggesting consolidation after reaching its recent all-time high of $112,000 on May 22.
A bullish engulfing candlestick pattern on the weekly timeframe indicates strong upward momentum, potentially leading to another retest of the recent high.
Technical Indicators:
Moving Averages (MA): The 50-day MA has crossed above the 200-day MA, forming a golden cross, which is a strong bullish signal.
Relative Strength Index (RSI): Currently in the overbought zone, indicating a potential short-term correction.
MACD: Shows strong upward momentum, supporting the current bullish trend.
Support & Resistance Levels:
Immediate Support: $104,000
Key Resistance: $106,000
Outlook: The market is showing strong bullish behavior with BTC maintaining high levels. However, traders should be cautious of a possible short-term pullback due to overbought indicators. Monitoring the $104,000 support and $106,000 resistance levels will be essential for short-term strategies.
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