Lao A's in-depth analysis of the four-hour price trend of $BTC on September 28, 2024
Since September 26, the price trend of BTC has shown a clear upward trend. On the K-line chart, there have been many long positive lines, which undoubtedly reveals the strong and active buying power of the market.
It is particularly noteworthy that from the evening of September 27 to the early morning of the next day, the market formed a striking high-level cross star at a high level. This pattern is usually regarded as a sign of market hesitation in a certain price range in technical analysis, suggesting that market participants may be weighing the next move.
Technical indicators:
- The MACD indicator shows that its bar chart continues to be positive and shows a trend of gradual enlargement. The DIF line crosses the DEA line and continues to diverge upward, which clearly indicates that the dominant trend of the current market is upward.
- The current value of the RSI indicator is about 66. Although it is close to the overbought area, it has not entered the extremely overbought state.
- In the EMA (Exponential Moving Average) system, the short-term EMA (such as the 7-day EMA) is higher than the medium-term EMA (such as the 30-day EMA), and both are higher than the long-term EMA (such as the 120-day EMA). This arrangement clearly shows the trend of long positions, providing strong support for the current upward trend.
The trading volume has increased significantly, especially on the 26th and 27th, which indicates that a large amount of funds are actively entering the market. Although the trading volume in the recent four-hour cycles has fallen, it has remained at a high level overall, reflecting that the market participation is still high.
Lao A gave clear buying and selling point suggestions:
- Buy point 1 is set at around 65,000 USDT, because the price is close to the previous low and the support level of EMA30, which is a relatively safe entry point.
- The long stop loss point is set at 63,500 USDT, in order to avoid excessive retracement, and is set at 500 USDT below the buy point 2.
- Sell point 1 is expected to be around 67,000 USDT. Considering that this is near the recent high, there is strong selling pressure.
- The short stop loss point is set at 68500 USDT. In order to prevent the market from continuing to rise after breaking through, it is set at 500 USDT above the second selling point.
The above is a personal opinion, for reference only
