The United States will release the Producer Price Index (PPI) tonight at 20:30 and the Consumer Price Index (CPI) tomorrow. The market is closely watching these inflation indicators to confirm that inflation is moving further in the right direction, especially when people generally expect the Federal Reserve to cut interest rates in the second half of the year. If PPI and CPI continue to rise, it means that inflationary pressure is increasing, and the Federal Reserve may maintain or raise interest rates to curb inflation. If PPI and CPI fall, it means that inflationary pressure is easing, and the Federal Reserve will cut interest rates to stimulate economic growth.
The price of Bitcoin experienced a sharp fluctuation around 10 o'clock last night, falling rapidly below $58,000, and then quickly breaking through the 60,000 mark within an hour. Unfortunately, it failed to hold steady, and selling pressure emerged. The price of Bitcoin fell back below $59,000. As of the time of writing, the price was $58,984, up 2.1% in the past 24 hours.
Bitcoin four-hour chart
First of all, according to the Bollinger Band indicator in the Bitcoin 4H level chart, the current price is running between the middle and lower tracks of the Bollinger Band, indicating that it is currently in a shock consolidation stage, with no obvious signs of upward or downward breakthroughs, and the distance between the upper and lower tracks is small. The Bollinger Band is gradually narrowing, indicating that there may be relatively large fluctuations in the future market.
Secondly, according to the KDJ indicator in the Bitcoin 4H level chart, the K-line value and the D-line value are intertwined in the area below 50, and the J-line value is relatively stable, indicating that the current market is relatively weak and there is no obvious trend direction, but the indicator is currently at a low level, showing an oversold phenomenon, but there is no obvious rebound signal.
Finally, according to the MACD indicator in the Bitcoin 4H level chart, the DIF line and the DEA line are running below the 0 axis, and the DIF line is approaching the DEA line upward, showing signs of forming a golden cross, but it has not completely formed a golden cross pattern. The bar chart in the MACD also has no obvious decrease or increase.
Bitcoin one-hour chart
First of all, according to the Bollinger Band indicator in the Bitcoin 1H level chart, the current price is running between the middle track and the lower track of the Bollinger Band, indicating that the price of Bitcoin is in a state of consolidation in the short term, and the distance between the upper and lower tracks of the Bollinger Band is relatively narrow, indicating that the market volatility is relatively small, and there may be larger price fluctuations in the future.
Secondly, according to the KDJ indicator in the Bitcoin 1H level chart, the K-line value and the D-line value are running below 50, but the J-line value shows signs of rebounding upward, indicating that the current price shows signs of oversold rebound. Although there are certain signs of rebound, there is no clear breakthrough, and more signals are needed to confirm the future market trend.
Finally, according to the MACD indicator in the Bitcoin 1H level chart, the DIF line runs below the DEA line, and there is a trend of crossing downward to form a golden cross. The MACD histogram is mainly green, indicating that it is still in a bearish trend and there is no obvious reversal signal at present.
Comprehensive analysis shows that Bitcoin is currently in a consolidation phase at the 4H level, and may be in the oversold area. However, the narrowing of the Bollinger Bands indicates that there may be large price fluctuations soon. The MACD indicator shows that the downward momentum has weakened, and the KDJ shows that the market is weak. Bitcoin may continue to fluctuate in the short term. Bitcoin also shows that it is in a consolidation phase at the 1H level. The Bollinger Bands indicator shows low volatility, but the MACD and KDJ indicators show that there may be potential for a short-term rebound. If the Bollinger Bands break through or the MACD forms a golden cross, then there may be a short-term upward trend.
In summary, the great master gives the following suggestions for reference
Bitcoin rebounds to 59500-59800 for shorting, defense 60300, target 58000. (Effective before the release of CPI data on Wednesday night)
It is better to give you a correct idea and trend than to give you a 100% accurate suggestion. After all, it is better to teach a man to fish than to give him a fish. Suggestions can make money for a while, but ideas can make money for a lifetime! What I focus on is the idea, the grasp of the trend, the layout of the market and the position planning. All I can do is to use my practical experience to help you so that your investment decisions and business management will be on the right track.
Writing time: (2024-08-13, 20:00)
(Text - Daxian Shuobi) Hereby declare: There is a delay in online release, and the above suggestions are for reference only. The author is committed to research and analysis in investment fields such as Bitcoin, Ethereum, altcoins, foreign exchange, and stocks. He has been involved in the financial market for many years and has rich experience in real-time operations. Investments are risky, and you need to be cautious when entering the market. For more real-time market analysis, please pay attention to the 伀重hao Daxian Shuobi to discuss and exchange together.
