Technical analysis of Bitcoin
The current technical performance of Bitcoin is relatively pessimistic. The price has fallen below the important support range and may continue to fall in the short term. The following is a specific analysis:
RSI indicator
The current RSI index has fallen to around 25 and entered the oversold range. In theory, there is usually a rebound demand when the oversold range is touched, but the strength and sustainability of the rebound need to be observed whether it can return to the key range.
Key range position
US$55,000 (weekly range key position)
This is the lowest line position of the weekly oscillation range. If the price can rebound and stabilize above this position, the decline may be weakened.
US$57,355 (daily range key position)
This is the lowest line position of the daily oscillation range. If the price can rebound and stabilize above this position, the decline will be weakened to the greatest extent, and market confidence will be restored.
Monthly support
The most effective recent support level of the monthly line is currently around US$42,000. If the decline continues, the price may test this support level.
Market noise and unknown factors
Asian trading time factor: The market is currently in the Asian trading time, with high volatility and full of uncertainty. U.S. stock market opening: The performance of the U.S. stock market opening tonight may have a significant impact on the price of Bitcoin. It is necessary to pay close attention to whether the U.S. stock market will bring down the crypto market. Geopolitical factors: Sudden events such as the escalation of conflicts between Iran and Israel may also affect market sentiment and capital flows.
Summary
Although the technical performance of Bitcoin is relatively pessimistic at present, some technical indicators show the potential for a rebound. If the price can rebound and stabilize above the key range, the decline may be alleviated. However, the market is still full of uncertainty, and it is necessary to pay attention to the impact of factors such as the opening of the U.S. stock market and geopolitics on the market. Investors are advised to remain cautious in the current market environment, reasonably control their positions, and do a good job of risk management.
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