Daily Line Analysis
As of August 30, the price of Bitcoin (BTC) was $59,206. The daily chart shows that after a strong decline at the end of July, the price of Bitcoin has been fluctuating around $60,000 and has failed to effectively break through the upper resistance. The current price is below the moving average system, with the MA10 moving average (yellow) and MA30 moving average (pink) located near $60,000 and $62,000 respectively, indicating that the upper resistance is relatively obvious.
In the MACD indicator, the green bar chart is gradually shrinking, and the fast and slow lines are approaching below the zero axis. In the short term, the price may face a direction choice. If the price can break through the $60,000 mark, the upper pressure level will be $62,000; if the price continues to pull back, the support level will be around $58,000.
Four-hour line analysis
In the four-hour chart, the price of Bitcoin has fluctuated sharply recently and is currently at $59,206. The MA10 and MA30 moving averages (blue and yellow) are trending downward, indicating that the short-term strength is strong, and the green bar chart in the MACD indicator has shrunk, indicating that the short-term momentum has weakened.
In the short term, if Bitcoin can hold above $59,000, it may rebound slightly, targeting the $60,000 mark; if it falls below $59,000, it will test the $58,000 support level.
One-hour line analysis
On the one-hour chart, the price of Bitcoin fluctuated around $59,206. In the short term, the MA5 and MA10 moving averages tended to decline, indicating that short-term downward pressure still exists. The green bar chart in the MACD indicator gradually narrowed, and the fast and slow lines were expected to form a golden cross, indicating that the price may rebound slightly in the short term.
In the short term, BTC may fluctuate in the range of $58,800-59,500. If it can break through $59,500, it is expected to hit $60,000; but if it falls below $58,800, the downward pressure will increase.
Recommendations
The current price of Bitcoin is $59,206, and it may fluctuate between $58,800 and $60,000 in the short term. Investors are advised to wait and see until the market direction is clear. If the price breaks through $60,000, you can consider entering the market in batches, with a target of $62,000; if the price falls below $58,800, it is recommended to reduce positions and wait and see, waiting for a better entry opportunity.
Risk Warning
The market is volatile, so you should control your positions and set stop-loss points when trading. Investors need to adjust their trading strategies according to their risk tolerance, avoid emotional operations, seize opportunities and control risks at the same time.
