Market Overview
The current price of Bitcoin is $88,260. The price has recently rebounded strongly from the low of $48,888, reaching a high of $93,421 before falling slightly. Overall, Bitcoin maintains a clear upward trend, but is currently close to its high and may face certain pullback pressure in the short term. The following is a technical analysis of the daily, four-hour and one-hour lines, as well as today's operational recommendations.
Daily Line Analysis
On the daily chart, Bitcoin has continued to rise since the end of September, with MA10 (82,786.4) and MA30 (73,417.9) moving averages showing a bullish arrangement, indicating that the overall bullish trend of the current market is strong. The price is currently above the MA10 moving average and maintains a steady upward trend in the short term. However, the price encountered resistance when approaching $93,000 and showed signs of a pullback.
In the MACD indicator, the DIF line and the DEA line are above the zero axis, and the momentum column remains positive and shows an amplifying trend, indicating that the bullish force still exists. However, the RSI indicator has entered the overbought range, indicating that the price may adjust in the short term.
Four-hour line analysis
On the four-hour chart, the price of Bitcoin maintained a high level of fluctuation in the short term, and the MA10 moving average was still tilted upward, but the price fell after breaking through $93,000 and gradually moved closer to MA10. The DIF and DEA lines in the MACD indicator fluctuated near high levels, and the momentum column weakened slightly, indicating that the short-term upward momentum has weakened.
In addition, the RSI indicator on the four-hour line is oscillating near the overbought range, which indicates that the market may face correction pressure in the short term, and the price is expected to fluctuate in the range of US$87,000-90,000.
One-hour line analysis
On the one-hour chart, the price of Bitcoin has fallen back from its highs and is currently stabilizing at $88,000. The short-term moving average system is flat, indicating that the short-term market direction is unclear. The DIF line and DEA line in the MACD indicator are sticking above the zero axis, and the momentum column is gradually shrinking, indicating that the short-term market is in a wait-and-see state, waiting for further direction selection.
The RSI indicator fell back to the neutral area, indicating that the buying and selling forces in the market are basically balanced in the short term. If the price continues to fall, the $87,000 level will be an important support level.
Recommendations
Steady operation: It is recommended to buy low in the 87,000-88,000 USD area, and set the stop loss below 85,000 USD. If the price stabilizes and rebounds, the target position can be seen in the 90,000-92,000 USD range.
Aggressive strategy: If the price breaks through $90,000 again and stabilizes, you can follow up with long orders with a light position, with the target above $93,000. However, you need to pay close attention to market trends. If the price falls below $88,000, you should stop loss and exit in time.
Risk control: Bitcoin is currently at a high level and there is pressure for a short-term correction. You need to be cautious in your operations. It is recommended to control your positions and strictly implement stop losses to prevent the risk of a large price correction.
Summarize
Bitcoin is facing pressure at a high of nearly $93,000 and may enter a period of shock consolidation in the short term. Investors are advised to pay attention to the support of $87,000, operate cautiously, and avoid chasing long positions at high levels.
