BTC market analysis today:
1. K-line pattern:
On the 1-hour chart, Bitcoin is currently fluctuating around 58,859 USDT, showing a strong upward trend overall. The price has broken through in recent hours, indicating strong bullish momentum.
Short-term support is formed at 58,800 USDT, but some selling pressure appears when the price approaches 59,000 USDT, reflecting that the market may face a small correction in the short term.
2. Technical indicators:
MACD: The MACD fast line is crossing the slow line, and both lines are running above the 0 axis, showing a strong bullish trend in the market. If the fast and slow lines continue to diverge, it means that the market's upward momentum is still sufficient.
RSI: RSI is currently at 65, close to the overbought range, but has not yet fully entered, indicating that there is still room for upward movement in the short term, but be wary of pullback pressure.
EMA: Both the short-term EMA7 (58,750 USDT) and EMA30 (58,650 USDT) are showing an upward trend, supporting further upward movement of Bitcoin prices in the short term. However, EMA120 may form strong resistance at 59,200 USDT, and investors need to pay attention to the price reaction in this area.
3. Volume:
The volume increased when it broke through 58,500 USDT, indicating that the market buying power was strong. If the volume continues to increase during the subsequent price increase, it is expected to further push up the price.
[Trading Strategy]
Long Strategy: It is recommended to consider entering the market to go long when it pulls back to around 58,700 USDT. The take-profit target can be set at around 59,500 USDT, and the stop loss is set at 58,500 USDT to prevent unexpected price drops.
Short Strategy: If the price encounters resistance near 59,000 USDT and fails to break through, you can consider shorting, with the take-profit target set at 58,400 USDT and the stop loss point set at 59,200 USDT.
The above views are for reference only and are not investment advice.
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