The first debate of the US presidential election took place at 9 a.m. today. Republican candidate and former President Trump and Democratic candidate and Vice President Harris faced off for the first time. 20 minutes into the debate, Bitcoin plunged nearly $1,000, falling below the $57,000 mark.
For the two presidential candidates, this debate is of utmost importance. The winner will have a profound impact on the global economy and financial markets. It is well known that Trump supports cryptocurrencies, while Harris has not yet clearly expressed her policy stance on cryptocurrencies. However, in the more than 90-minute verbal battle, neither side mentioned cryptocurrencies at all.
Bitcoin began to fall after breaking through $58,000 yesterday. After oscillating above $56,000 to accumulate strength, it broke through $58,000 again around three o'clock in the morning today. However, as selling pressure emerged soon, it experienced a rapid decline after the debate began at nine o'clock in the morning and fell below $57,000. As of the time of writing, the price was quoted at $56,530, and the increase in the past 24 hours narrowed to 0.61%.
Bitcoin four-hour chart
From the MACD and KDJ dead cross in the 4-hour Bitcoin chart, we can see that Bitcoin has a callback pressure in the short term, and the short-selling force is increasing. The price of the currency is close to the middle track of the Bollinger Band. If it can stabilize the middle track and break through, there will be a chance of rebound, but if it fails to stabilize the middle track effectively, it may further look for support downward. RSI is in the neutral area and has not shown obvious overbought or oversold signals. The market may have a volatile consolidation in the short term.
Suggestion: In the short term, pay attention to the supporting role of the middle track of the 4-hour Bollinger Band and the further trend of the MACD and KDJ indicators (the formation of golden cross and dead cross). If the currency price can stand firm on the middle track and a reversal signal appears, you can consider entering a long position; on the contrary, if it continues to weaken, you need to be alert to the risk of further decline.
Bitcoin one-hour chart
Judging from the MACD and KDJ in the 1-hour chart of Bitcoin, Bitcoin may have a certain rebound momentum in the short term, but it should be noted that the J line value in KDJ is close to the overbought area, and there may be a pullback after the rise. The middle track of the Bollinger Band forms a key resistance. If the price effectively breaks through the middle track and stabilizes above the middle track, the price may rise further. But if it fails to break through, it may pull back to the vicinity of the lower track of the Bollinger Band. RSI is in the neutral area, indicating that the market may maintain a shock consolidation pattern in the short term.
Suggestion: In the short term, pay attention to the breakthrough of the middle track of the 1-hour Bollinger Band. If it breaks through the middle track, you can consider going long with a light position; but if it fails to break through or a pullback signal appears after KDJ is overbought, you need to be cautious about being bullish or going short at high levels.
To sum up, the master gives the following suggestions for reference
Bitcoin rebounds to 57000-57200 for shorting, target 55850-55500, defense 57600. (The above are all the time points for writing)
It is better to give you a correct idea and trend than to give you a 100% accurate suggestion. After all, it is better to teach a man to fish than to give him a fish. Suggestions can make money for a while, but ideas can make money for a lifetime! What I focus on is the idea, the grasp of the trend, the layout of the market and the position planning. All I can do is to use my practical experience to help you so that your investment decisions and business management will go in the right direction.
Writing time: (2024-09-11, 20:45)
(Text - Daxian Shuobi) Hereby declare: There is a delay in online release, and the above suggestions are for reference only. The author is committed to research and analysis in investment fields such as Bitcoin, Ethereum, altcoins, foreign exchange, and stocks. He has been involved in the financial market for many years and has rich experience in real-time operations. Investments are risky, so be cautious when entering the market. For more real-time market analysis, please pay attention to Daxian Shuobi, a Chonghao account, to discuss and communicate together.
