By looking at the attached image containing an analysis of the BTC/USDT pair, there are some important notes that can help determine the trend and support and resistance points:
1. General trend:
The current price of BTC is 64,268.06 USDT, up +1.74%.
The current trend appears to be up after a bearish corrective move within a sideways range (between the upper and lower channel lines).
Moving averages (EMA) indicate a crossover between short-term and long-term averages, which may be a bullish signal.
2. Technical indicators:
RSI (Relative Strength Index): At 79.24, indicating that the market has reached the overbought zone, which may mean a possible correction or a halt in the upward trend.
MACD: Shows a positive crossover with the MACD (blue line) above the signal (red line), which reinforces the possibility of a short-term uptrend continuation.
KDJ: Shows an overbought signal (K% = 89.75), which increases the possibility of a correction.
OBV (On-Trading Volume): Shows an upward trend indicating increased bullish momentum.
3. Support and resistance points:
Nearest Support: The initial support level can be identified at 61,132.33 USDT, which coincides with the convergence area of the moving average lines.
Nearest Resistance: Strong resistance is located at 64,714.63 USDT (upper red line of the channel). A breakout above this resistance could lead to fresh highs.
If the upward movement continues and the 64,714.63 USDT level is broken, we could see the price heading towards the 71,997.02 USDT levels (previous high).
Future Trend: If the bullish momentum continues without breaking the current support, the uptrend can be expected to continue. However, given the overbought indicators, there could be a potential pullback to retest the support before continuing the uptrend.