2024.9.16 Market Analysis
The big cake broke through the 60,000 mark but did not stand firm. The daily level did not break through the previous high and ushered in a correction in the morning. And the short-term trend broke out of the strong downward trend, retreating to around 58,700 at the low level. The current price is running at 58,400, and the correction is about 2,000 US dollars. The current rebound is not strong, so it is not recommended to blindly chase more operations, and beware of the market retreating to support again.
The 4-hour Bollinger Band is in a closing posture. The price rebounded many times but failed to break through the 60,000 line to stabilize. The subsequent fall below the middle track position is weak, and the 5-day and 10-day moving averages are hooked downward. The MACD fast and slow lines are gradually approaching and have a trend of dead cross. The bar chart turns from positive to negative. The short-term EMA7 has fallen below the medium-term EMA30 and is close to the long-term EMA120. If it continues to fall, it will confirm a stronger downward trend. There are many resistances above. If it cannot be broken one by one in the future, the price may still fall. The focus in the future is on the 55500 line rising position. If the market correction does not fall below this area, the upward trend will not change. If it falls below, continue to look at the vicinity of 52500. September is not optimistic, but October is optimistic! #BTC