The US presidential election has entered the countdown to four months, and the fight between former US President Trump and current President Biden has also entered a white-hot stage. Since Trump was shot last weekend, both his support and exposure on social media have soared rapidly. His stance in support of cryptocurrencies has also stimulated the upward trend of Bitcoin, betting that Trump's victory will create a regulatory environment conducive to the growth of cryptocurrencies.

However, Trump pointed out that the current interest rate level must be maintained and interest rate cuts must be avoided until before the November election. In addition, the America First policy he proposed during his previous tenure may push up costs around the world. Therefore, Trump may cause inflation to rebound after taking office, and at the same time hinder the Fed's pace. If high interest rates are to be maintained for a longer period of time, whether cryptocurrencies such as Bitcoin can still rise at that time will be a big question mark.

Bitcoin hit a low of $63,230 early this morning, and Ethereum also fell below $3,400. The Bitcoin spot ETF has recorded net inflows for nine consecutive days. The current price as of writing is $65,790, a rebound of nearly 2,000 points. It is speculated that the rise in Bitcoin prices may be due to the rebound in U.S. stocks.

Bitcoin four-hour chart

First of all, according to the Bollinger Band indicator in the Bitcoin 4H level chart, it is currently running between the middle and upper tracks of the Bollinger Band and close to the upper track. This shows that the current bull market is relatively strong, but it also means that the current market is in an overbought area and there may be pressure for a correction.

Secondly, according to the KDJ indicator in the Bitcoin 4H level chart, the current K-line value and D-line value are crossing and moving upward, indicating that the short-term market is strong, but the J-line value rises above 80 and enters the overbought area, which can lay the foundation for a callback signal.

Finally, according to the MACD indicator in the Bitcoin 4H level chart, the DIF line is above the 0 axis and higher than the DEA line, indicating that the current market trend is strong, but the MACD red bar chart shows signs of contraction, which suggests that the momentum is gradually weakening.

Bitcoin one-hour chart

First of all, according to the Bollinger Band indicator in the Bitcoin 1H level chart, the current price has broken through the upper Bollinger Band line, which means that the market is already in the overbought area and there may be pressure for a correction in the short term. We need to pay attention to the support effect of the middle track's decline.

Secondly, according to the KDJ indicator in the Bitcoin 1H level chart, the three KDJ line values ​​are currently running at high levels, and the J line value has even entered the extremely overbought area, indicating that the short-term market is strong, but there is also a risk of a correction.

Finally, according to the MACD indicator in the Bitcoin 1H level chart, the DIF line is above the 0 axis and higher than the DEA line, indicating that the current market trend is strong. At the same time, the MACD red bar chart has a growth trend, indicating that the upward momentum is strong.

Comprehensive analysis: Bitcoin shows a strong upward trend on the current 4-hour chart, but we need to be wary of the risk of a pullback in the overbought area. The price may have some pullback pressure in the short term, but the overall trend is still upward. Bitcoin shows strong upward momentum on the 1-hour chart, but because the price is close to the upper Bollinger Band line and the KDJ indicator enters the overbought area, there may be pullback pressure in the short term.

To sum up, the master gives the following suggestions for reference:

Short Bitcoin in batches at 65900-66000, target 64800-64500, defense 66500.

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 you money for a while, but ideas can make you money for a lifetime! What matters is the idea, the grasp of trends, the layout of the market and the planning of positions. What 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: (2024-07-19, 23:00)

(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 the research and analysis of 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 and you need to be cautious when entering the market. For more real-time market analysis, please pay attention. Let’s discuss and communicate with the heavy-numbered immortals and coins. $BTC