On October 4, 2024, Lao A's 4-hour price trend analysis of $BTC (Big Pie):
K-line pattern:
According to the recent K-line chart analysis, the BTC price has fluctuated frequently in the range of 60,000 to 62,000, and has shown an overall trend of shock consolidation. Especially on October 2, a long lower shadow appeared on the K-line chart, indicating that there is strong support at a low level, and then the price began to rebound.
Technical indicator interpretation:
The MACD indicator shows that the current bar chart value is negative, but it is gradually shortening. The DIF and DEA lines are approaching the zero axis and have a trend of forming a golden cross, which suggests that the short-selling force is weakening and the market may be gradually turning to the long side.
The RSI indicator is currently at a level of about 40, neither entering the overbought area nor the oversold area, indicating that market sentiment is neutral and slightly weak.
EMA trend observation:
In the EMA trend, the BTC price is running above EMA7, but still below EMA30 and EMA120, showing that the short-term price trend is slightly upward, but the medium- and long-term trend is still under certain pressure.
Trading volume analysis:
From the perspective of trading volume, the recent trading volume has decreased, especially when the price rebounded. This reflects that the bulls are lacking confidence. At the same time, the previous sharp decline was accompanied by a large trading volume, which indicates that there was a large selling pressure at the time.
Combining the above analysis, BTC's 4-hour price trend shows a sideways decline. Although there are some signs of rebound in the short term, the overall market sentiment is weak, and the reduction in trading volume may indicate that the market lacks sufficient momentum to drive prices to continue to rise. Therefore, investors need to remain cautious and pay close attention to market dynamics in order to make wise investment decisions.
