After two days of low-level fluctuations, the cryptocurrency market rose all the way to $66,492 at 4 p.m. yesterday (20), and has always held the 66,500 mark and failed to break through. However, the data on initial jobless claims in the United States for the week ending June 15, which was released at 20:30, showed that the announced value was 238,000, the previous value was 243,000, and the expected value was 235,000. The announced value was higher than the expected value, which was bullish for cryptocurrencies, but it was just the opposite. After the data was released, Bitcoin started a waterfall decline mode, and the intraday gains were fully given back, falling below the 65,000 mark at one point. As of the time of writing, the price was $64,567, a drop of about 0.53% in the past 24 hours.

 

Bitcoin four-hour chart

According to the current 4H Bollinger Band indicator, the current price of Bitcoin is between the middle and lower tracks of the Bollinger Band and close to the lower track, which means that the current price is at a relatively low level and there is a possibility of rebound. The Bollinger Band opening is relatively stable, without obvious expansion or contraction, indicating that the current market volatility remains in a relatively stable state.

 

Secondly, according to the current 4H level KDJ indicator, the current K-line value and D-line value are both below 50, and the J-line value is at a lower level, indicating an oversold state. The price may rebound, and the K-line value and the D-line value show signs of forming a golden cross at a low level, which will further confirm the possibility of a rebound.

 

Finally, according to the MACD indicator in the 4H level, the DIF line and the DEA line are both below the 0 axis. The DIF line crosses the DEA line upward, showing a potential bullish signal. The current MACD green bar chart is gradually shortening, indicating that there is momentum for further growth in the short term.

 

Bitcoin one-hour chart

According to the 1H Bollinger Band indicator, the current price of Bitcoin is running between the middle and lower tracks of the Bollinger Band, showing downward pressure. The price is close to the lower track, indicating that the lower track support is strong and there will be a rebound trend in the short term.

 

Secondly, according to the 1H level KDJ indicator, the current K and D line values ​​​​show that they are in an oversold state, and there is a possibility of a rebound, while the J line value is below 0, which shows that the market is extremely oversold, further confirming the possibility of a rebound.

 

Finally, according to the 1H level MACD indicator, the DIF line is currently running below the DEA line and below the 0 axis, indicating that the market is under downward pressure. The MACD green bar chart is gradually getting longer, indicating that the seller's power is increasing.

 

Comprehensive analysis: Based on the 1-hour and 4-hour charts, Bitcoin may be in a volatile market in the short term, and the indicators show certain signs of rebound. If multiple indicators form a golden cross and the middle track of the Bollinger Band is effectively broken, then Bitcoin is expected to usher in a wave of rebound; otherwise, the market may continue to maintain a volatile or downward trend.

 

To sum up, the following suggestions are given for reference

 

Go long on Bitcoin near 64500, target 65350, break to 66200, defense at 64000.

 

Short Bitcoin around 66200, target 64600, break to see 64200, defense at 66600.

 

 

Writing time: (2024-06-21, 00:15)