Bitcoin continued to fluctuate in a narrow range around $63,000 over the weekend that just ended. After hitting $62,356 at six o'clock this morning, it soared to $64,700, performing a double kill of longs and shorts. It is only one step away from the high of $65,000 set in mid-August. As of the time of writing, Bitcoin is quoted at $63,449.

Bitcoin four-hour chart

According to the Bollinger Band indicator in the Bitcoin 4H level chart, the price of Bitcoin is close to the upper track of the Bollinger Band and has experienced a short correction, which indicates that the market is currently overbought and prices may continue to fall. The distance between the upper and lower tracks of the Bollinger Band has not shrunk significantly, which indirectly reflects that the volatility in the future market is still intense.

According to the MACD indicator in the Bitcoin 4H level chart, the DIF line is still above the 0 axis, but has begun to move closer to the DEA line. The MACD red bar chart is also gradually shortening, indicating that the upward momentum is weakening. If it continues to form a dead cross downward, there will be a risk of a pullback in the short term.

According to the KDJ indicator in the Bitcoin 4H level chart, the K-line value and the D-line value are currently in an overbought state at high levels, while the J-line value is at a higher level and is beginning to show signs of falling back. There may be pressure for a correction in the short term.

According to the RSI indicator in the Bitcoin 4H level chart, the RSI value is currently at the middle level of 56, indicating that the market is not in an obvious overbought or oversold phenomenon, and the price may maintain a volatile downward trend.

Bitcoin one-hour chart

According to the Bollinger Band indicator in the Bitcoin 1H level chart, the price is below the middle track of the Bollinger Band and begins to move downward toward the lower track of the Bollinger Band. The market will face downward pressure. If the price falls below the lower track, the downward speed may accelerate, but if the lower track is strongly supported, then there may be a chance of a rebound.

According to the MACD indicator in Bitcoin's 1H level chart, the DIF line crosses the DEA line downward to form a dead cross, indicating that the market is currently in a downward state, and the MACD green bar chart is also gradually increasing, indicating that the market will have room for further decline in the future.

According to the KDJ indicator in the Bitcoin 1H level chart, the KDJ three-line value began to turn upward at a low level, indicating that the oversold state is about to end and there may be a chance of a rebound in the short term.

According to the RSI indicator in the Bitcoin 1H chart, the current RSI value is 40, close to the oversold area, indicating that the short-selling force is weakening, and the market may seek support in this area, accompanied by a slight rebound.

Comprehensive analysis shows that Bitcoin may face certain pullback pressure in the short term, but it will remain in an upward trend overall. We need to pay attention to whether MACD will have a dead cross and whether KDJ will fall further. If the middle track of the Bollinger Band can form effective support, the pullback may be limited.

To sum up, the master gives the following suggestions for your reference:

Go long when Bitcoin pulls back to 62800-63000, target 64150-64450, defense 62500.

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 matters is the idea, the grasp of trends, 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 go in the right direction.

Writing time: (2024-09-23, 20:05)

(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 Daxian Shuobi, a Chonghao account, to discuss and communicate together. #加密市场反弹 #比特币走势分析 $BTC