Bitcoin (BTC) candlestick chart
From the daily chart (Figure 1), the price of Bitcoin has shown obvious signs of correction after the previous rise. The candlestick chart shows that the price of BTC has broken through an important support level in the short term. The Bollinger Bands (BOLL) also show that the price has fallen below the middle line, and there is a possibility of further decline in the short term.
Analysis of main technical indicators:
Moving Average (MA):
The MA5 and MA10 moving averages formed a death cross at a high level, indicating that they may continue to decline in the short term.
The trend of MA30 is slightly flat and still has a supporting role in the long run.
Relative Strength Index (RSI):
The RSI indicator on the daily chart is below 50 and close to oversold territory, indicating selling pressure in the short term.
Volume:
Trading volume increases significantly when prices fall, indicating that market sentiment is more pessimistic and short-selling power is stronger.
Today's operation suggestions
Based on the above technical analysis, we can draw the following operational suggestions:
1. First support level: 65000 USDT
If a rebound signal appears near this price level, you can reduce your position appropriately or wait and see.
2. Second support level: 64000 USDT
If the price continues to drop to this point, it is recommended to pay close attention as there may be strong support.
Stop loss: 68000 USDT
If the price rebounds to this point, it is recommended to stop loss and exit to avoid further losses.
Combined with yesterday's trend forecast
Combined with yesterday's trend, BTC prices have already experienced a significant correction, which is in line with our short forecast yesterday. Today's trend may continue yesterday's decline, but the decline may slow down. Investors are advised to pay close attention to market changes and flexibly adjust their operating strategies.
In summary, based on technical analysis and market sentiment, BTC may continue to show a bearish trend today. Investors are advised to pay attention to price rebound signals near the 65,000 USDT and 64,000 USDT support levels, and set a reasonable stop loss of 68,000 USDT to control risks. It is expected that today's price fluctuation range will be between 150-200 points. It is not advisable to excessively chase the rise and fall, and maintain rational operations.
The market is unpredictable and opportunities are fleeting. Only by paying close attention to every subtle change and seizing your own opportunities can you remain invincible in the ups and downs of the market. Are you ready today? Let's look forward to the wonderful performance of the market together!
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