BTC four-hour candlestick chart
Technical analysis and forecast of today's operation direction
BTC one-hour candlestick chart
1. Technical Analysis
K-line pattern: From the chart, BTC rebounded strongly after hitting the bottom of $52,510.8 on September 6, and the current price is around $60,125.3. Yesterday, BTC once broke through the resistance level of $61,000, but failed to stand firm and then pulled back. This shows that the selling pressure from above is still large and the strength of the bulls has weakened.
Moving average system:
MA5 ($60,125.3) and MA10 ($58,978.4) formed a golden cross, which means that bulls still dominate in the short term. However, the price has just fallen below the MA5 support, and there may be pressure for further correction in the short term.
EMA7 (63,891.1 USD) and EMA30 (62,745.4 USD) are still suppressed above, indicating that the overall trend has not yet been fully reversed to a bullish pattern, and the rebound momentum is not sufficient.
Trading volume: From the perspective of K-line trading volume, when the price broke through $61,000 yesterday, the trading volume failed to increase significantly, indicating that there was a lack of sufficient capital support in the upward process. The trading volume has not increased significantly during the current correction process, indicating that market sentiment is still relatively cautious.
2. Today's Operation Forecast
Based on the current technical indicators and yesterday's trend, BTC may continue to face correction pressure in the short term, and the price is expected to get initial support at around US$59,500. If it fails to stabilize, it may further drop to around US$57,500.
Support and resistance levels:
The first support level: $59,500. This point is the initial support level in the short term, and the price may rebound slightly at this point.
Second support level: $57,500. This is a stronger support area, and if the price falls below $59,500, it may test this position.
Resistance level: $61,000. This point is the key resistance level for the recent rebound. If the price can hold this position, BTC is expected to rise further.
3. Stop loss setting
Stop loss: It is recommended to set it around US$57,000. If the price falls below this point, it indicates that the short-selling force has increased and there is a possibility of further decline. It is necessary to stop loss and exit in time.
4. Today's operation suggestions
Radical investors: When the price falls back to around $59,500, you can go long with a light position, with a target of $61,000, and a stop loss below $57,000. If the price breaks through $61,000 and stabilizes, continue to increase your position, with a target of $62,000.
Conservative investors: We recommend waiting for the price to stabilize above $61,000 before entering the market, with the target at $62,000. The stop loss should be set below $59,000 to avoid short-term volatility risks.
V. Supplementary analysis of technical indicators
MACD: Observing the MACD indicator, the fast line shows signs of turning, indicating that adjustments may continue in the short term, but the overall trend remains in a bullish pattern.
RSI: The relative strength index (RSI) is close to the overbought zone, indicating that there is a risk of a correction in the short term. Investors need to pay attention to the pressure of profit-taking at high levels.
Bollinger Bands: The current price is near the middle track of the Bollinger Bands. If the price drops further to the lower track of $59,500, it may receive short-term support.
BTC may be supported near $59,500 in the short term, but if it falls below this level, it will further test the $57,500 support level. In terms of operation, investors are advised to lighten their positions when the price falls back to the support level, and reasonably control their positions and stop losses to avoid the risks brought by large fluctuations. If the price breaks through $61,000 and stabilizes, you can continue to increase your positions and look to $62,000.
Overall, BTC’s rebound trend has not been completely destroyed, but there will still be pressure for a volatile pullback in the short term. Investors should remain cautious and avoid blindly chasing high prices.
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