The news of the Federal Reserve's 50 basis point rate cut, coupled with the further expansion of cryptocurrency adoption, especially the public use of Bitcoin by the "cryptocurrency president", boosted market sentiment. Against this macro backdrop, Bitcoin has seen a strong rise, with the four-hour K-line breaking through $62,500, showing obvious bullish market characteristics.

2. Technical Analysis

  1. K-line pattern:

    • Bitcoin's strong rise since the 17th is particularly evident on the four-hour chart. The current price shows a clear upward trend, breaking through several key resistance levels. A short-term support was formed near $61,800, which has not been broken after multiple tests, indicating that this price range has strong support and is not easy to be broken in the short term.

    • Currently, the price has surpassed $62,500 to create a new high, which shows strong bullish power.

  2. MACD indicator:

    • MACD is running above the 0 axis, and DIF and DEA are diverging upward, showing that the bulls have a clear advantage in the current market. This indicator shows that the market has not yet entered the overbought area and there is still momentum to continue to rise in the short term.

  3. RSI indicator:

    • The RSI is currently around 65, not yet in the overbought area, but close to the critical point. This means that the market still has room to rise in the short term, but we need to be wary of the risk of a pullback after excessive price increases.

  4. Moving Average System (EMA):

    • The EMA moving average presents a typical bullish arrangement. The short-term EMA7 is above the medium and long-term moving averages, and the price continues to run above EMA7, indicating that bullish forces dominate the market and the short-term trend remains bullish.

  5. Volume Analysis:

    • The rise that started on the 17th was accompanied by a significant increase in trading volume, especially when it broke through the previous high. The subsequent pullback process saw a decrease in trading volume, indicating that selling pressure was not great and bulls still dominated the market.

3. Today’s position prediction and strategy

  1. Long strategy:

    • Long position: 60500 USD is the main long position. If the market continues to pull back, you can cover your position near 59500 USD. The current bullish trend is obvious, and the 60500-59500 range is an ideal long position layout area.

    • Stop loss: set at $59,000 to prevent the price from falling further below the support level.

    • Target: $62,500. In the short term, if the market continues to develop along the current trend, the price is expected to test and break through this level again.

  2. Short selling strategy:

    • Short selling point: Place a short order at $63,000. If the market breaks through this range strongly, you can consider adding short orders around $64,000.

    • Stop loss: Set at $64,500 to prevent the market from forming a reverse shock after breaking through the upper resistance level.

    • Target: The target price is $61,000. If the market fails to maintain a high level, a significant correction may occur.

      The recent market turmoil has brought new investment opportunities. Through Lao Chen's in-depth analysis and data research, some potential high-return opportunities have been identified. Whether it is Bitcoin's momentum indicators or technical signals of other mainstream currencies, Lao Chen will provide you with detailed analysis to help you navigate the market with ease.

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