【BTC short-term trading trend】🔥

Token name: $BTC

Current price: $66580.98

📊 Market sentiment analysis

Cantor Fitzgerald entered the Bitcoin-backed lending market with an initial capital of $2 billion, bringing positive sentiment.

Positive sentiment among Bitcoin miners leads the new accumulation phase.

Negative sentiment from the recent 5% price drop and concerns about another potential cryptocurrency crash.

Neutral on Bitcoin's long-term bullish trajectory, but short-term bearish signals.

Positive sentiment from on-chain data suggests the path of least resistance ahead, which could help a rally to a new ATH.

📈 Technical analysis

RSI: Currently at 36.82, indicating that BTC is approaching oversold conditions, but has not yet fully reached them.

Bollinger Bands: Current price is close to the middle band, indicating a neutral position with the potential to move in either direction.

Pivot Point: The price is slightly above the pivot point (66544.16), indicating a potential support level.

DMI: ADX at 39.09 indicates a strong trend, but the negative directional index (MDI) is significantly above the positive directional index (PDI), indicating a bearish trend.

MA: The current price is below the moving average (68082.19), indicating a bearish trend.

MACD: The MACD is negative and below the signal line, and the histogram is widening, indicating bearish momentum.

KDJ: The K value of 31.11 indicates a potential reversal from oversold conditions, but the J value is higher, indicating some short-term bullish momentum.

💡 Recommendations and Trading Strategies

Given the mixed signals, a cautious approach is recommended.

Short-term: Consider short positions due to bearish indicators of MACD, DMI, and price below MA.

Medium-term: Monitor for potential reversal signals, especially if the RSI falls further into the oversold zone or the KDJ shows stronger bullish momentum.

Long-term: Positive sentiment from the news and minimal on-chain resistance suggest a rebound is possible, but wait for confirmation of a trend reversal.

Take Profit: Consider setting a take profit near the lower Bollinger Band at $65341.08.

Stop Loss: Set the stop loss slightly above the upper pivot resistance (R1) at $66624.14 to manage risk.

Technical analysis is based on the 1-hour candlestick chart indicator, which can be used as a reference for users who prefer short-term trading.