【BTC short-term trading trend】🔥
Token name: $BTC
Current price: $63698.01
📊 Market sentiment analysis
Senator Cynthia Lummis proposed the Bitcoin Strategic Reserve Act, and the market sentiment is positive.
The recent US FOMC meeting and the subsequent price drop led to a bearish trajectory, and the market sentiment is negative.
Market sentiment is mixed, and the long-term forecast is positive, but the recent price drop and liquidation are worrying.
📈 Technical Analysis
RSI: Currently at 24.35, indicating that BTC is in the oversold area.
Bollinger Bands: The current price is close to the lower band (63443.34), indicating a possible rebound.
Pivot Point: The price is hovering around the pivot point (63809.33), with support at 63560.67 and 63421.33.
DMI: ADX is high at 43.47, indicating a strong trend, but -DI (30.73) is significantly higher than +DI (7.01), indicating a strong bearish trend.
MA: The current price is below the moving average (65680.74), indicating a bearish trend.
MACD: The MACD line is below the signal line and the histogram is negative, indicating bearish momentum.
KDJ: The K value (6.62) is significantly lower than the D value (12.74), indicating a bearish trend.
💡 Recommendations and Trading Strategies
Given the current technical indicators, it is recommended to consider shorting.
Due to high volatility and bearish signals, a short-term trading cycle is recommended.
Based on multiple indicators (RSI, DMI, MACD and KDJ), the confidence level of the bearish trend is high.
Recommended Take Profit Level: $63421.33 (S2 Pivot Point).
Recommended Stop Loss Level: $64197.33 (R2 Pivot Point).
Technical analysis is based on the 1-hour candlestick chart indicator, which can be used as a reference for users who prefer short-term trading.