BTC 4-hour candlestick chart
The current BTC price has already stood above 62,000 points, reaching a high of 62,993.7
It shows an obvious upward trend. Combining yesterday's trend and current technical indicators, we can make the following analysis and prediction.
Technical Analysis
Moving average system:
Short-term moving averages (MA5, MA10): The price has broken through the MA5 (59045.8) and MA10 (59913.6) moving averages. These moving averages are in a bullish arrangement, indicating that the market is in a strong state in the short term.
Medium-term moving average (MA30): MA30 (59486.9) also began to flatten and turn upward, indicating that medium-term support is strengthening. The price is far away from MA30, showing that bulls are dominant.
MACD：
The MACD indicator shows a bullish signal above the 0 axis, and the histogram is large, indicating that the market still has room to rise. Although the bulls are strong, due to the large increase in the 4-hour level, there may be some shocks and adjustments in the short term.
Volume:
Yesterday, as prices rose, trading volume increased, indicating that new funds entered the market to support the upward price, but as the price approached 63,000 points, trading volume began to slow down, and we need to guard against short-term corrections.
Bollinger Bands:
The price is running near the upper track of the Bollinger Band, indicating that there may be overbought in the short term, which is easy to cause a small correction. The upper and lower tracks of the Bollinger Bands begin to expand, indicating that price fluctuations are increasing and the market may continue to rise.
Today's trend forecast
Judging from the current K-line pattern and technical indicators, BTC may encounter some resistance near 63,000 points in the short term, and the probability of short-term shock consolidation is high, but the overall bullish trend remains unchanged. If the trading volume continues to increase, the price is expected to break through 63,000 points and test the 63,500-64,000 range upward.
The first support level: 62000 points. This is currently a critical short-term support. If it falls below this point, the price may fall back to around 61000 points.
The second support level: 61000 points. This is a more stable support area. If this point is lost, the price may continue to fall back to around 60000 points.
The first resistance level: 63000-63500 range. This is the key resistance area above. After breaking through this range, the price is expected to test 64000 points.
The second resistance level: 64000 points. If the price breaks through this position strongly, the upward space will be further opened.
Recommendations
Short-term operation:
If the price breaks through 63,000 points, you can consider buying, with the target at 63,500-64,000, with the take profit set at 63,700 and the stop loss set at 62,500.
If the price pulls back to 62,000 points, you can build positions in batches at this position. The target is still 63,000 points. The take-profit level is set at 62,800 and the stop-loss level is set at 61,500.
Midline operation:
Build positions in batches in the range of 62000-62500, set the take-profit level at 64000 and the stop-loss level at 61000. The medium-term outlook is still optimistic about further upside.
Currently, BTC is in a strong upward trend, but as it is close to the short-term resistance level of 63,000 points, it is expected that there will be a need for consolidation. Short-term investors are advised to pay attention to the support strength of 62,000 points. If it is effectively supported, they can enter the market to do more. The price fluctuation range in the short term is expected to be 62,000-63,500 points. In terms of mid-term operations, the overall upward trend of the market has not changed, but it is necessary to pay attention to the risk of short-term profit-taking.
The market is unpredictable and opportunities are fleeting. Only by paying close attention to every subtle change and seizing your own opportunities can you remain invincible in the ups and downs of the market. Are you ready today? Let's look forward to the wonderful performance of the market together!
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