After Bitcoin fell to $55,555 earlier yesterday, it started to rise around 10 o'clock last night, reaching a high of around $58,500 around 00:30. During the Asian session today, it fluctuated and fell all the way. As of the time of writing, the price was $57,069, down 0.67% in the past 24 hours. The non-agricultural employment data for August will be released tomorrow night, so beware of the drastic fluctuations caused by the data.
Bitcoin four-hour chart
First, according to the Bollinger Band indicator in the Bitcoin 4H level chart, the current price is running between the middle and lower tracks. This situation shows that the trend of Bitcoin is in a relatively balanced or weak short market in the short and medium term. The price has gradually rebounded from the lower track to the middle track, and the Bollinger Band has not expanded significantly, which means that the market volatility is not large, and the market is currently in a relatively volatile state.
Second, according to the KDJ indicator in the Bitcoin 4H level chart, the K-line value and the D-line value are both running below 50, and the J-line value is running around 20, indicating that the market is in an oversold state in the short term, but the J-line value has increased, which indicates that there may be a certain rebound in the short term.
Third, according to the MACD indicator in the Bitcoin 4H level chart, the DIF line and the DEA line are both running below the 0 axis, indicating that the market is in a downward trend or adjustment. The MACD bar chart is green, indicating that the short force is dominant, but the green bar chart of MACD is currently shortening, indicating that the short force is gradually weakening. This trend means that the market may enter a sensitive stage of alternating long and short positions.
Fourth, according to the RSI indicator in the Bitcoin 4H level chart, the RSI value is 40.28, which is obviously in a weak range, which further confirms that the market is currently biased towards the short side. However, the turning trend of RSI indicates that the market may rebound slightly.
Bitcoin one-hour chart
First, according to the Bollinger Band indicator in the Bitcoin 1H level chart, the Bollinger Band shows that the price has rebounded from near the lower track, and is currently near the middle track. The upper and lower tracks have a trend of closing, which indicates that the market is about to enter a relatively stable range of oscillations, and volatility may gradually decrease.
Second, according to the KDJ indicator in the Bitcoin 1H level chart, the current values of the K line and the D line are around 50, while the J line is at a relatively high position. This shows that there are signs of increased bullish power in the short term, and the market shows a certain degree of activity. But at the same time, this may also suggest that there is a certain degree of overbought risk in the market. If the KDJ three-line value continues to run at a high level, there may be adjustment pressure in the short term.
Third, according to the MACD indicator in the Bitcoin 1H level chart, although the DIF line and the DEA line are close, they are still below the 0 axis, indicating that the market is still in a weak state. The MACD green bar chart begins to shorten, indicating that the short-selling force is weakening and may approach the long-short boundary area.
Fourth, according to the RSI indicator in the Bitcoin 1H level chart, the current RSI value is 52.67, slightly above the neutral level, indicating that the market is biased towards bulls, but there is no strong overbought or oversold signal. If the RSI value continues to rise and breaks through 60, it may further push up prices; on the contrary, if the RSI value falls back, prices may be subject to certain correction pressure in the short term.
Comprehensive analysis shows that Bitcoin may be at the end of a volatile downward trend based on the four-hour chart. Although the short-selling force is weakening, the market seems to have signs of a short-term rebound, but the rebound may be limited. The overall short-selling pressure still exists, so the rebound may only be a technical adjustment. From the one-hour chart, there is an upward trend in the short term, but it is suppressed by the middle track of the Bollinger Bands. The KDJ and RSI indicators are running at a medium-high level, indicating that there may be a pullback or shock in the short term. It is recommended to pay close attention to whether the price can break through the middle track of the Bollinger Bands, and observe whether MACD and KDJ send more buy signals. If the bulls are not strong enough, the price may fall back to the support level near the lower track.
To sum up, the following suggestions are given for reference
Short sell Bitcoin when it rebounds to around 57,300, target 55,600-55,000, defense 57,800.
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 you money for a while, but ideas can make you money for a lifetime! What matters is the idea, the grasp of trends, the layout of the market and the planning of positions. What I can do is to use my practical experience to help you so that your investment decisions and business management will go in the right direction.
Writing time: (2024-09-05, 22:15)
(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.
