Market Analysis Monday, October 7, 2024
BTC:
Daily moving average is close to entanglement, and a multi-period moving average bullish arrangement is about to form. A new round of rising market is getting closer and closer, with a target of 70,000.
1. Daily line: The 200-day moving average is between the 60-day moving average (60471) and the 200-day moving average (63557), close to entanglement. Currently, it is trying to break through the 200-day moving average above the interval. The probability of multi-period moving average bullish resonance is very high. The MACD bar line has maintained a convergence pattern below the zero axis for three consecutive days, and a golden cross may be formed; RSI and KDJ have formed a golden cross, and the current round of callback volume has formed a rejection of the dead cross pattern, and the probability of multiple indicators forming a multi-fork resonance is very high. This round of callback is over, and a new round of rising market will start at any time.
2. 4 hours: Return to the upper 62350~64600 dense chip range, MACD, RSI enter the strong zone, MACD column line diverges above the zero axis, the double line breaks through the zero axis and the probability of idling is high, the Bollinger middle track is stable and there are signs of opening, the moving average forms the first golden cross, but MA60 is still downward, and the long arrangement needs some time to repair.
[Prediction] Consolidation (upward relay), consolidation range: 62300~64600. Possible black swan: escalation of Middle East conflict, Israel attacks Iranian oil fields, oil prices soar, and inflation returns.
