【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.