@hooiyewlim 2 January 2025 more from that month

BTC Technical Analysis on 3rd January 2025

It is 3rd day into 2025 and BTC suddenly decided to pump. Let's see what the chart say. **Technical Analysis:** **Trend Overview:** Bitcoin (BTC) is showing bullish momentum on the 4-hour chart with the price at $96,992.64 (+2.21%). A recent upward move has taken the price near its 24-hour high of $97,839.50. **Moving Averages (MA & EMA):** EMA(7) at $96,245.72 and EMA(25) at $95,096.19 are bullishly aligned, suggesting a short-term upward trend. EMA(99) at $96,247.86 acts as a key support zone. MA(5) and MA(10) on the volume indicator show consistent bullish activity, but with a slight decrease in recent bars. **Volume:** High volume spikes suggest increased trading activity, supporting the upward movement. However, the declining volume may signal caution as momentum could weaken. **RSI:** The Relative Strength Index (RSI) stands at 72.21, indicating overbought conditions. This suggests a potential for a pullback or consolidation. **Candlestick Pattern:** The recent rejection at $97,839.50 forms a wick, indicating selling pressure near resistance levels. **Support and Resistance Levels:** Key support: $95,841.63 (near EMA lines). Key resistance: $97,839.50 (24-hour high). **Conclusion:** BTC shows strong bullish momentum but faces resistance near $97,839.50. Overbought RSI suggests a short-term correction may follow before further upward movement. Monitor support near $95,841.63.