Daily Line Analysis
As of September 1, the price of Bitcoin (BTC) was $58,557. The daily chart shows that after a sharp drop, BTC is currently fluctuating between $58,000 and $60,000. The recent K-line trend is weak, and the alternating red and green small real body K-lines show that the market is relatively balanced between the long and short sides, but downward pressure still exists.
In the moving average system, the MA10 (yellow) and MA30 (pink) moving averages showed a downward trend, suppressed at around $60,000 and $61,000 respectively. In terms of the MACD indicator, the green bar chart continued to expand, and the fast and slow lines continued to diverge downward below the zero axis, indicating that the market bears dominated and the short-term rebound momentum was insufficient.
If BTC fails to effectively hold the support level of $58,000, it may continue to fall to the support area of $55,000 or even lower. The key resistance level above is $60,000. If it can break through this level, BTC may try to further attack $62,000.
Four-hour line analysis
In the four-hour chart, the price of Bitcoin is hovering around $58,557, and the overall trend is still in a weak consolidation pattern. MA10 (blue) and MA30 (yellow) moving averages are pressing downward, and the price may continue to be under pressure in the short term. The current price is close to the recent low. If it cannot stabilize effectively, it may further drop to the $58,000 level.
The MACD indicator shows that the green bar chart is expanding, and the fast and slow lines continue to diverge downward below the zero axis, indicating that the short-term short-term force is still strong. Pay attention to the support strength of $58,000. If it falls below this support, the $57,000 support level may be further tested in the short term.
One-hour line analysis
On the one-hour chart, the BTC price fluctuated sideways around $58,557, with a fierce battle between bulls and bears in the short term. The MA5 (red) and MA10 (blue) moving averages gradually converged, indicating that a rebound attempt may occur in the short term.
In the MACD indicator, the green bar chart is shrinking, and the fast and slow lines are close to the golden cross, which indicates that there is a small rebound in the short term. If the price can break through the resistance level of $59,000, it may rise further to around $60,000; if the rebound fails, BTC will fall back to the support level of $58,000.
Recommendations
The current price of Bitcoin is $58,557. In the short term, the price may fluctuate in the range of $58,000-60,000. Investors are advised to remain cautious and pay attention to the support strength of $58,000. If the price falls below the support level of $58,000, it is recommended to reduce positions and wait and see, waiting for the opportunity for the price to fall back to $57,000 or below. If BTC rebounds and breaks through $59,000, you can try short-term operations with a light position and pay attention to the pressure level of $60,000.
Risk Warning
The market is volatile, so you should strictly control your positions and set stop-loss points when operating. Investors need to adjust their trading strategies according to their own risk tolerance, avoid emotional operations, and invest prudently.
