2024.10.9 Market Analysis

After the price of Bitcoin rose from 60,000 to 64,400, the price of BTC fell back to around 62,200 as the A-share market sucked blood. It is expected that the same will happen today. There will still be a dense area around 61,800-62,800. As long as it does not effectively fall below 61,800, the market will continue to consolidate.

The current K-line pattern fluctuates between 61,800 and 62,800, forming a pattern of shock consolidation. A long upper shadow line appeared the day before yesterday, indicating that the upper selling pressure was heavy. The 4-hour level of the technical indicators MACD, DIF and DEA began to cross the zero axis. It mainly depends on whether the 200-day line can hold up. If it does, there will be a rebound demand in the short term. At present, the RSI value is close to 50, with no obvious overbought or oversold signals. Feilong believes that before the CPI data is released at 8:30 tomorrow night, it should be a weak sideways shock. Wait for the main rising wave of this month! #BTC