Here is the Technical analysis of bitcoin on 14 Dec 2024.
Current Price Trend:
- Bitcoin's current price is $101,590.61.
- The price is near the recent high of $104,088, which indicates a strong upward momentum over the past few days.
Moving Averages:
- EMA(7): $98,188.75 (yellow line) — This short-term moving average is below the current price, suggesting the bullish trend is intact.
- EMA(25): $85,587.78 (pink line) — The medium-term moving average is far below, indicating strong upward momentum over the past weeks.
- EMA(99): $67,545.54 (purple line) — The long-term moving average shows that the overall trend remains bullish.
Support and Resistance:
- Support: Around $98,188 (near the EMA(7)).
- Resistance: The recent high at $104,088 is the next key resistance level.
Volume:
- Trading volume shows a healthy mix of green (buying) bars, indicating continued buying interest.
Relative Strength Index (RSI):
- RSI(6): 73.47 — This value suggests the market is approaching an overbought zone (above 70). While this signals strong buying momentum, it also indicates a potential pullback if buying pressure weakens.
Conclusion:
Bitcoin is in a strong uptrend, with short-term support around $98,000 and resistance at $104,000. The RSI suggests caution as the price may experience some pullback or consolidation before continuing higher. For now, the trend remains bullish unless price drops significantly below $98,000.