Daily Line Analysis
From the daily chart of Bitcoin (BTC), the current price is $59,208. The previous big negative line correction formed obvious selling pressure, but the price hovered in the range of $58,000 to $60,000 in the following days, showing that the market support in this range is relatively strong. The MA10 moving average (yellow) shows a downward trend, but the MA30 moving average (pink) provides some support below the price. On the MACD indicator, the green bar chart continues, and the fast and slow lines continue to diverge below the zero axis, suggesting that the short-selling force is still dominant. In the short term, if the price can stabilize above $59,000 and break through the $60,000 resistance level, it may usher in a new round of rebound.
Four-hour line analysis
In the four-hour chart, after falling below $60,000, BTC price entered a period of consolidation and is currently fluctuating around $59,200. MA10 and MA30 moving averages intersect, and the short-term trend is still unclear. The MACD indicator shows that red and green columns appear alternately, indicating that the market sentiment is fluctuating in the short term and the market trend is unclear. If the price can break through the $59,500 resistance in the short term, it is expected to retest the pressure level above $60,000.
One-hour line analysis
The one-hour chart shows that the BTC price is currently fluctuating between $59,100 and $59,300, indicating that the market is in a wait-and-see mood in the short term. The MA5 and MA10 moving averages are intertwined, and the price trend is stable. The MACD indicator fast and slow lines fluctuate near the zero axis, and the red and green columns are shortened, indicating that the market is less volatile in the short term. If it can stand firm at $59,200 and there is a significant increase in volume, it may drive prices to rise further; if it falls below the $59,000 support, it needs to be handled with caution, and there may be downward pressure in the short term.
Recommendations
The current BTC price is $59,208, with little volatility in the short term and a strong wait-and-see sentiment. Investors are advised to remain cautious in the current range and wait patiently for the price to break through key support or resistance levels. If the price can break through the $59,500 resistance level and stabilize at $60,000, consider adding a proper amount of positions; if it falls below the $59,000 support level, it is recommended to wait and see and wait for the price to stabilize before considering entering the market.
Risk Warning
Market sentiment fluctuates greatly, and investors should control their positions, set stop-loss positions, and avoid blindly chasing ups and downs. At the same time, it is recommended to reasonably assess their own risk tolerance to ensure stable operations.
