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Price trend analysis of Bitcoin
K-line pattern:
The K-line of the recent day shows that the price has experienced large fluctuations, reaching a high of 66479.8 and a low of 64500, but the closing price of 65843.83 has increased relative to the opening price of 64941.15, indicating that the buyer's power is increasing.
The recent hourly K-line has many long upper shadows, especially the K-line at 15:00 and 14:00 on April 22, indicating that although buyers tried to push up prices, the sellers were under great pressure, resulting in the failure of prices to continue to rise.
Technical indicators:
In the MACD indicator, both DIF and DEA are positive and DIF is higher than DEA. The MACD bar also shows a positive value, but the gradually decreasing value shows that the bullish power is weakening.
In the KDJ indicator, the J value began to fall after reaching 106.95 at 14:00 on April 22, while the K line and D line are still in the overbought area above 80, which may indicate that there is a risk of a correction in the market in the short term.
EMA7 is above EMA30, indicating that the short-term trend is positive, but the gap between the two is not large, so we need to be alert to the possibility of a short-term trend reversal.
Trading volume:
The overall trading volume on April 22 was lower than the previous day, which may mean that market participation has declined and the current price level may lack sufficient support.
In the hourly data, when the price fluctuates sharply, the trading volume is enlarged, such as the big positive line at 13:00 on April 22, the trading volume increased significantly, indicating that the price range is more active.
[Buy and sell points]
Buy point 1: 64500 USDT (recent daily K-line lowest price, if the price falls back to this point, there may be support)
Buy point 2: 64237.5 USDT (the lowest price on April 21, if it falls further, this position may form stronger psychological and technical support)
Long stop loss point: 63090 USDT (slightly lower than the lowest price on April 20, set below the obvious previous low for conservative reasons)
Sell point 1: 66479.8 USDT (the highest price on April 22, reaching this price in the short term may encounter selling pressure)
Sell point 2: 67929 USDT (the highest price on April 13, a long-term resistance level, with a low probability of breaking through, suitable as a profit cashing point)
Short stop loss point: 69674.23 USDT (exceeding the highest price on April 21, if the price continues to rise, it indicates that the trend may have changed)
