Bitcoin market analysis and operation suggestions on June 4
Market Analysis
In the 1-hour chart, Bitcoin reversed after touching the top trend line last night, ending the Bollinger Band upward channel in the short term, and is expected to enter a volatile trend in the parallel channel. At present, the price of the currency has fallen back to the vicinity of the EMA15 moving average, and the support strength of the EMA30 moving average and the first support trend line is concerned.
Bollinger Bands: The upward channel has ended and will enter a parallel channel trend in the short term.
EMA moving average: The currency price falls back to EMA15, and the support below is EMA30 and the first support trend line.
KDJ indicator: J line failed to turn upward, and the three lines continued to spread downward.
MACD indicator: The volume continues to increase below the 0 axis, and DIF and DEA form a dead cross at a high level.
Although the 1-hour level indicator shows that the downward pressure is increasing, the support level below is about to be reached, and you can consider going long if the support level is not broken.
Recommendations
Short selling advice:
Entry point: Consider shorting around 68,200.
Target point: Set the target to 67200.
Stop loss point: Stop loss is set at 68800.
Long suggestions:
Entry point: Consider going long around 67,200.
Target point: Set the target to 68200.
Stop loss point: Stop loss is set at 66800.
In the 4-hour chart, Bitcoin's Bollinger Band channel begins to close upward, and the current price is close to the middle track and the intersection of the EMA10 moving average and the first support trend line.
Bollinger Bands: The channel is closing, indicating that volatility is decreasing and the currency price is approaching the middle track.
EMA moving average: The current price is close to EMA10 and the first support trend line, pay attention to its support effect.
KDJ indicator: The three lines are in the area of competition between bulls and bears, and are currently moving downward. However, if the support of EMA10 and EMA15 cannot be broken through, a high-level oscillation box may be formed.
MACD indicator: The volume shrinks above the 0 axis, and the closing of DIF and DEA is not obvious, indicating that the bulls are still strong.
Although there is a certain downward pressure in the short term, the bullish force is still strong. If the key support level is not broken, it may maintain high-level fluctuations.
Recommendations
Short selling advice:
Entry point: Consider shorting around 68,200.
Target point: Set the target to 67200.
Stop loss point: Stop loss is set at 68800.
Long suggestions:
Entry point: Consider going long around 67,200.
Target point: Set the target to 68200.
Stop loss point: Stop loss is set at 66800.
In the daily chart, the price of Bitcoin rebounded from the EMA15 moving average, hitting the top trend suppression position, and is currently in a larger triangle convergence pattern.
Bollinger Bands: The channel begins to shrink, indicating a decrease in volatility and the current price is close to the top trend suppression position.
EMA moving average: The price rebounded from EMA15, showing strong bullish power.
KDJ indicator: The three lines begin to cross upward, indicating the possibility of further upward movement in the short term.
MACD indicator: The red column below is gradually shortening, the DIF line turns upward, and forms a closing with the DEA line, indicating that the bullish force is gradually increasing.
There are less than 2 hours left until the daily close. It is expected that today's trend may first pullback and then rebound, but we need to guard against the control of the main force, because the bulls have been strong for a long time and a wash-out may occur at any time.
Recommendations
Short selling advice:
Entry point: Consider shorting around 68,200.
Target point: Set the target to 67200.
Stop loss point: Stop loss is set at 68800.
Long suggestions:
Entry point: Consider going long around 67,200.
Target point: Set the target to 68200.
Stop loss point: Stop loss is set at 66800.
Summarize
Overall, Bitcoin is currently in a high-level oscillation range. There is a possibility of a rebound in the short term, but it is necessary to pay close attention to the changes in key technical indicators to confirm the trend. It is recommended to focus on high-altitude trading within the range, and consider going long when the bottom support is not broken. If the support level is effectively broken, a new round of downward trend may begin.
Please operate with caution and set stop loss appropriately to prevent unnecessary losses due to market fluctuations. Be careful to prevent the possibility of the main force washing the market and maintain a flexible trading strategy.
Recommendations
First long position:
Entry point: 68400-68600 range.
Stop loss point: Set the stop loss at 68200.
Target points: The targets are set at 69100, 69600 and 70200 respectively; if it breaks through 70300-70500, it can continue to hold until around 71000.
Second long position:
Entry point: 67550-67900 range.
Stop loss point: Set the stop loss at 67400.
Target point: The target is around 1000-1500 points.
First short position:
Entry point: 70300-70000 range.
Stop loss point: Set the stop loss at 70500.
Target point: The target is set at 500-800 points.
Summarize
Bitcoin is currently in a high-level oscillation range. There is a possibility of a rebound in the short term, but it is necessary to pay close attention to the changes in key technical indicators to confirm the trend. It is recommended to focus on high-altitude trading within the range, and consider going long when the bottom support is not broken. If the support level is effectively broken, a new round of downward trend may begin.
Please operate with caution and set stop loss appropriately to prevent unnecessary losses due to market fluctuations. Be careful to prevent the possibility of the main force washing the market and maintain a flexible trading strategy.
