In its latest report, JPMorgan Chase pointed out that so far this year, the cryptocurrency market has seen a large inflow of funds driven by Bitcoin spot exchange-traded funds, which has now reached US$16 billion. If the inflow of funds brought by CME EMC futures and crypto venture capital fund financing is added, the total inflow of cryptocurrencies so far this year has reached US$25 billion.
Bitcoin four-hour chart
The 4H level chart shows that the price of Bitcoin is near the lower track of the Bollinger Band and has touched the lower track many times. In this case, the price may get support near the lower track and rebound, but if the price continues to run near the lower track and fails to rebound significantly, it will continue to decline.
The K-line value and D-line value in the KDJ indicator in the 4H level chart are both at a relatively low position, and the J-line value has begun to show signs of blunting. When the KDJ indicator is at a low level, it means that the market is oversold and there is a need for a rebound. However, if the indicator hovers at a low level and the J-line value continues to decline, it can be seen that market sentiment has become bearish.
In the 4H level chart, the DIF line and DEA line in the MACD indicator are both below the 0 axis, and the MACD histogram shows green columns, indicating that the current market is still in a bearish state. However, if the DIF line crosses the DEA line upward to form a golden cross, it heralds the beginning of a short-term rebound.
Bitcoin one-hour chart
The current price of Bitcoin in the 1H level chart is close to the lower track of the Bollinger Band, indicating that Bitcoin is close to an oversold state, which usually indicates a potential reversal or consolidation period. If the price remains near the lower track or falls below the lower track, it means that there is strong selling pressure. On the contrary, a rebound from this track may mean a buying opportunity.
The 1H level chart shows that the DIF line is below the signal line and is below the 0 axis. The histogram is also green, which indicates that we are currently in a bearish trend. The gap between the DIF line and the DEA line continues to widen, indicating that the bearish trend is strengthening. However, if the DIF line and the DEA line converge, it indicates that the downward trend is weakening or the bullish momentum may reverse.
The KDJ indicator in the 1H level chart shows that the K-line value and the D-line value are both below 50, while the J-line value is even lower, indicating that it is currently in an oversold state, indicating that the market has been sold off in large quantities and prices may reverse.
Comprehensive analysis: If the selling pressure continues, the price of Bitcoin may fall below the lower Bollinger Band, leading to further decline. If the price of Bitcoin is able to rebound from the lower Bollinger Band and the KDJ line value begins to rise, it indicates the beginning of a reversal. The crossover of the MACD line will further support this situation. The key level worthy of attention is that if the price obtains potential support and reversal in the area around 66,000, pay attention to the resistance level near the middle Bollinger Band and the previous high of 67,000-68,000.
To sum up, the following suggestions are given for reference
It is recommended to short to around 66700, with a target of 65000 and a defense of 67300
Suggestion 2 : Long around 65000, target 66500, defense 64500
Writing time: (2024-06-15, 00:00)
