Market analysis and tone setting
Friday, June 28, 2024
Technical analysis: BTC
1. Daily line: No new lows for 3 consecutive days, the short-term low can be determined to be 58402, but it does not mean that this round of decline is over. The necessary condition for the end of the decline is to break through the near low of 63380 (downward trend line).
2. 1 hour: MACD bar line and double line are both in a convergent form. In the short term, it is a consolidation market. The probability of forming a convergent triangle to test the pressure of the downward trend line is high. Short-term support range: 60550~59860, short-term pressure range: 62500~63300.
3. On-chain data shows that the current price has fallen below the short-term holder cost line of 64300, and the greed index 47 has returned to the neutral area. After two days of market panic, there is no sustained panic.
4. The bull market trend has not changed, but it has entered a deep turnover stage. It is known that the selling pressure of the German government, the US government and Mentougou, and the cashing out of some long-term holders will take a long time to digest and change hands.
[Prediction] The probability of testing the upper pressure in the short term is high, and the consolidation in the 60,000~64,000 range may continue for a long time.