After Bitcoin broke through $65,000 at 7 a.m. on Monday, selling pressure emerged and it continued to fluctuate downward. As of the time of writing, it fell below the second profit-taking point of $62,300 given by the Great Master in yesterday's article, and fell 3.18% in the past 24 hours.
Ethereum's trend is similar to that of Bitcoin. It also showed a volatile decline yesterday. As of the time of writing, the price was US$2,638, down 3.33% in the past 24 hours.
First of all, according to the Bollinger Band indicator in the Bitcoin 4H level chart, the current price is running below the lower track of the Bollinger Band, indicating that the current downward pressure is relatively large, and it may continue to test the lower track support downward. The opening of the upper and lower tracks of the Bollinger Band is expanding, indicating that the subsequent market volatility will increase.
Secondly, according to the KDJ indicator in the Bitcoin 4H level chart, the K-line value and the D-line value are already in the oversold area, and the J-line value is in the negative area, indicating that the current market is already seriously oversold and there may be a demand for a rebound in the short term. However, since the overall KDJ three-line values are at a relatively low position, the rebound strength may be limited.
Finally, according to the MACD indicator in the Bitcoin 4H level chart, the DIF line crosses the DEA line downward above the 0 axis to form a dead cross, indicating that the current market is in a downward trend, and the MACD green bar chart begins to gradually grow, indicating that the current short-side strength is beginning to increase.
First of all, according to the Bollinger Band indicator in the Bitcoin 1H level chart, the upper and lower tracks of the Bollinger Band are gradually expanding outward, indicating that market volatility is gradually increasing. The current price is near the lower track of the Bollinger Band, indicating that there is a certain downward pressure on the market and it may continue to test the support below the lower track.
Secondly, according to the KDJ indicator in the Bitcoin 1H level chart, the K-line value and the D-line value are running in the oversold area, indicating that the current market is in a serious oversold state, and the J-line value is running in the negative area, with a slight sign of turning upward, and there may be a possibility of a rebound in the short term.
Finally, according to the MACD indicator in the Bitcoin 1H level chart, the DIF line is running below the 0 axis and continues to be lower than the DEA line. The MACD green bar chart is growing, indicating that the current market is in a clear short trend. The gap between the DIF line and DEA continues to widen, and the subsequent downward trend may continue.
Comprehensive analysis shows that Bitcoin still faces downward pressure in the short term, and the price may continue to test the support of the lower track of the Bollinger Band. However, since the KDJ indicator shows that the market is severely oversold, there may be a rebound in the short term. From the 1H level chart, Bitcoin still faces downward pressure in the short term, but since the KDJ shows that the market is severely oversold, there may be a small rebound in the short term. However, the MACD indicator shows a strong bearish trend, and the strength and duration of the rebound may be limited.
In summary, the great master gives the following suggestions for reference
Bitcoin rebounds below 63,000 and goes short, target 61,900-61,400, defense 63,455.
Writing time: (2024-08-27, 19:00)
