The cryptocurrency market has performed sluggishly in recent days, with investors showing little interest. The 11th Bitcoin spot ETF in the United States suffered another withdrawal of more than $152 million on Tuesday, marking the fourth consecutive day of capital outflow.
As of June 18, the 11th Bitcoin spot ETF has accumulated a net inflow of $148.1 billion, which is $880 million less than the peak of $15.69 billion on June 7. As of writing time, Bitcoin has fallen slightly by 0.7% in the past 24 hours and is currently priced at around $64,817.
Bitcoin four-hour chart
According to the Bitcoin 4H level chart, the current price of Bitcoin is running between the lower and middle tracks of the Bollinger Bands and is close to the middle track. The upper, middle and lower tracks of the Bollinger Bands are beginning to close gradually, indicating that market volatility is beginning to weaken and prices may enter a consolidation period.
Secondly, according to the KDJ indicator, the current K-line value and D-line value are both below 50, and a golden cross is formed at a low level. If the golden cross is confirmed, the price will rebound in the short term, but attention should be paid to whether the strength of the rebound can break through the upper resistance level.
Finally, according to the MACD indicator, the DIF line and the DEA line are both below the 0 axis, and the MACD green bar chart begins to gradually shorten, which shows that the downward momentum is weakening and a rebound may occur at any time.
Bitcoin one-hour chart
According to the Bitcoin 1H level chart, the current price of Bitcoin fluctuates between the middle track and the lower track, and the Bollinger Band opening tends to converge, indicating that market volatility has weakened. If the price cannot effectively break through the middle track, then the price may continue to fluctuate between the middle track and the lower track. If it falls below the lower track, the price will fall further.
Secondly, according to the KDJ indicator, the K, D, and J line values are all below 20, showing an obvious oversold signal, but the J line value begins to turn upward, with a trend of forming a golden cross cross. If KDJ forms a golden cross, the price will rebound, otherwise it will continue to remain weak.
Finally, from the MACD indicator, the DIF line and the DEA line are below the 0 axis, which is an obvious bearish trend. However, the MACD green bar chart begins to shrink gradually, showing that the bearish force is weakening. If the MACD line forms a golden cross and the bar chart continues to shrink, then there will be a short-term rebound.
Comprehensive analysis: From the 1H and 4H levels, Bitcoin will be in a volatile market in the short term, and the indicators show certain signs of rebound. If multiple indicators form a golden cross and the middle track of the Bollinger Band can be effectively broken through, then the price of Bitcoin is expected to usher in a wave of rebound, otherwise the price of Bitcoin will continue to maintain a volatile or downward trend.
To sum up, the following suggestions are given for reference
Short sell Bitcoin when it short to around 65,000, target 64,200, defense 65,315.
Long on Bitcoin around 64200, target 65000, and break through to 65500.
Writing time: (2024-06-20, 04:10)
