Judging from the 1-hour K-line of BTC in the figure, it shows an overall volatile downward trend. The current price is around 60398.4 USDT. It had previously hit a low of 58900 USDT. It has stabilized around 60000 USDT and has rebounded slightly, but the bullish force is still relatively weak.
4-hour K-line chart: BTC continued to fall from the high of 64448 USDT yesterday, and after several weak rebounds, it was supported at 58900 USDT. Overall, the short trend is obviously dominant, BTC has continuously broken through multiple moving average supports, and the Bollinger Bands are opening downward, indicating that the market is still under pressure in the short term.
Moving average system (MA5, MA10, MA30): The current price is below the short-term moving average (MA5, MA10). Although there has been a rebound, MA5 and MA10 diverged downward after forming a death cross. There is great pressure in the short term. MA30 currently constitutes medium-term resistance near 62,000 USDT.
Bollinger Bands (BOLL): The lower track of the Bollinger Bands is supported at 58900 USDT, and the middle track forms a strong resistance near 62000 USDT. The price is currently fluctuating between the lower and middle tracks of the Bollinger Bands. If the price fails to break through the middle track in the short term, it will continue to maintain a weak consolidation.
MACD indicator: The MACD indicator shows that the short-selling force is gradually weakening, the green column has shortened, and the fast line and the slow line are gradually approaching. There may be a rebound in the short term, but it lacks strong upward momentum. It is necessary to pay attention to whether a golden cross can be formed.
KDJ indicator: KDJ indicator has a rebound signal in the oversold area. At present, the fast line has crossed the slow line, and there is a possibility of a small rebound. However, the overall trend is bearish, and whether the KDJ line can continue to strengthen remains to be seen.
Trading volume: Trading volume increased significantly during yesterday's decline, and then rebounded with reduced volume, indicating that the market is still cautious and wait-and-see sentiment is strong, and the rebound may be limited in the short term.
Today's operation suggestions
Long order suggestion: Wait for BTC to pull back to around 59800 USDT and go long with a light position, with the target at 61000-61500 USDT, and the stop loss is set below 59300 USDT. If the price breaks through 61000 USDT and the volume increases, you can increase your position slightly, with the target at 62000 USDT, and the stop loss will follow up to 60500 USDT.
Short order suggestion: If BTC falls below 59,800 USDT, you can consider shorting with a light position, with the target at 58,900 USDT and the stop loss set above 60,300 USDT.
BTC has limited room for rebound in the short term, with the main pressure level at 61000-62000 USDT, and the strong support below is around 58900 USDT. Combining technical indicators and current market sentiment, it is highly likely that the price will fluctuate and consolidate in the range of 60000-62000 USDT today. If the trading volume shrinks further, the price may test the support level of 59800 USDT again. The overall trend is still bearish, and investors are advised to remain cautious and pay attention to the breakthrough of key support and resistance levels before making any operations.
The market is unpredictable and opportunities are fleeting. Only by paying close attention to every subtle change and seizing your own opportunities can you remain invincible in the ups and downs of the market. Are you ready today? Let's look forward to the wonderful performance of the market together!
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