2024.8.29 Market Analysis

The market is currently biased towards the bearish side, especially in the short-term trend. The 4-hour K-line pattern shows a clear downward trend in recent prices. The sharp decline on the 27th and 28th caused market panic and selling. The four-hour MACD technical indicators continue to fall. Both DIF and DEA are negative and the gap is widening, showing a strong bearish signal. RSI is close to the oversold zone in the 4-hour cycle. Although there is a rebound trend, the rebound is not strong. The trend indicator EMA moving average distribution has a clear downward trend. The bears are dominant and the bulls are not strong enough.

In addition, the daily K-line closed negatively, so most people in the market chose to wait and see. The 1-hour fast line continued to decline, especially the MACD technical indicator was in the negative area, but the DIF line began to turn upward, and there may be signs of a golden cross, but the space is limited. The hourly RSI is close to the oversold range. At this time, there will be a rebound. At present, the position of 59500 is not suitable for long or short. The pressure is around 60600-61000, and the support is around 58000-58500. #BTC