2024.8.31 Market Analysis

Today is the weekend, and it is expected that there will be no market. It will continue to consolidate in a wide range. The high is under pressure near the 59950 line, and the price fluctuates back and forth in the range of nearly 2,000 points. Today, the market is under pressure and has moved downward again. The price has broken through the previous low. It has only rebounded after touching the 57700 line. There are signs of recovery in short sentiment. If the price cannot stabilize above 60,000 during the day, there is a risk of further correction in the market.

From the 1-hour level, the currency price range fluctuates back and forth more flexibly. Although the current price has rebounded strongly after touching the 57700 line, the price has also returned to the 59000 position. However, this wave of continuous price declines has adjusted the Bollinger Bands to a shrinking state, and the current market is running in the area near the middle track. If the subsequent rebound cannot continue to break through the suppression of the middle track, there is a risk of further downward movement in the market. Bitcoin is still in a volatile downward rhythm. From the MACD point of view, the fast and slow lines are still below the zero axis, and the bar chart has turned green many times, indicating that the market is still in a weak state. The daily EMA30 forms a first-line suppression. If there is no strong rebound to break through the sub-regional suppression during the day, there is a risk of continued price correction! #BTC