Bitcoin at $105K: Short-Term Trend Analysis

A lot of action on BTC after Trump inauguration. Let's see what the chart say.

Technical Analysis:

1. Current Price and Momentum: Bitcoin is trading at $105,942.58, showing a +2.77% gain in the last 4-hour candle. The price is slightly below the 24-hour high of $107,240.81, indicating mild resistance.

2. Moving Averages:

   • EMA(7): $104,837.66 (yellow line, current price is above it).
   • EMA(25): $103,758.25 (pink line, acting as mid-term support).
   • EMA(99): $99,971.11 (purple line, long-term support).
     The alignment of short-term EMAs above the long-term EMA signals an uptrend continuation.

3. Volume:
   Volume spiked in recent sessions, reflecting increased buying interest near $100K, but has since stabilized, suggesting a potential pause in momentum.

4. RSI (Relative Strength Index):
   RSI(6) is at 58.88, indicating a neutral to slightly bullish zone, with no signs of overbought or oversold conditions.

5. Key Levels:

   • Support: $104,619.96 (near EMA(7)), followed by $101,829.62.
   • Resistance: $107,410.30 (recent high) and $109,588.00 (local high).

Conclusion:

Bitcoin is in a short-term bullish trend, supported by strong EMAs and steady RSI. A breakout above $107,410 could push it higher, but a drop below $104,600 may signal a pullback.