Technical analysis by FractalNoise about Symbol BTC: Sell recommendation (12/30/2024)

Current Trend :The price is trading below both the 21 & 34 EMA, indicating bearish momentum in the short term to medium term. A declining EMA slope confirms the weakening price actionKey Support and Resistance :Support range around $92,000 - $90,000.Resistance range around $96,000 - $100,000 (psychological level).Indicator :Volume is in a declining pattern suggesting a reduced market participation, which could lead to either a continuation of the trend or a consolidation phase.Stochastic is in the oversold region below 20, suggesting a potential reversal or relief bounce in the near term if buyers step in.Possible Scenarios :1. Bearish Continuations : If the price fails to reclaim the 21 EMA and the stochastic remains oversold, Bitcoin could retest lower support levels around $88,000–$90,000.2. Bullish Reversal: A bullish divergence in the Stochastic coupled with strong buying volume could lead to a bounce towards $96,000 or higher, potentially testing the 34 EMA.Outlook :Short-term : Cautiously bearish unless the price reclaims key EMA levels with convincing volume.Medium-term : Monitor for a potential bounce if oversold conditions persist and buyers show strength.