U.S. Federal Reserve Chairman Powell made his latest comments last night. He expressed satisfaction with the progress of declining inflation over the past year, but still stressed that he hopes to see more progress so that he will have more confidence to start cutting interest rates. Encouraged by Powell's dovish remarks, the four major U.S. stock indexes all closed higher today. The S&P 500 index even hit a new high to close above 5,500 points. At the same time, the Nasdaq index also hit a record high.
However, back to the cryptocurrency market, Bitcoin not only did not receive any incentives, but it began to fall continuously around 9 am today, and at around 4 pm it once dropped to around $59,650, giving up all the gains that started last weekend. Ethereum also reached a low of $3,331 at about the same time, which put a damper on the market's expectations of a new wave of rebound in July. As of the time of writing, the price was $60,260.
Bitcoin four-hour chart
First of all, according to the Bollinger Band indicator in the Bitcoin 4H level chart, the current price of Bitcoin has fallen below the lower track, indicating that the price will continue to fall, and the Bollinger Band opening has a tendency to expand, volatility will increase, and the market may experience a more drastic downward trend.
Secondly, according to the KDJ indicator in the Bitcoin 4H level chart, the current KDJ three-line values are all in the low area, and the J line value has entered the oversold range. The price may continue to fall, but we also need to pay attention to the possibility of a rebound.
Finally, according to the MACD indicator in the Bitcoin 4H level chart, the DIF line and the DEA line are both below the 0 axis, and both lines continue to radiate downward, indicating that the current selling pressure is strong and the short trend is obvious. The MACD green bar chart continues to lengthen, showing that the market's short-selling power is increasing.
Bitcoin one-hour chart
First of all, according to the Bollinger Band indicator in the Bitcoin 1H level chart, the current price is close to the lower track of the Bollinger Band, and there are signs of rebound near the lower track. The opening of the Bollinger Band has not expanded significantly for the time being, indicating that the current volatility is relatively stable.
Secondly, according to the KDJ indicator in the Bitcoin 1H level chart, the three KDJ line values are all in the low area, and there are obvious signs of turning upward. The current upward turn indicates that buying power is beginning to increase, and there is a possibility of a rebound in the short term.
Finally, according to the MACD indicator in the Bitcoin 1H level chart, the DIF line and the DEA line are running below the 0 axis, and the MACD green bar chart is gradually shortening, indicating that the downward momentum is weakening and the market has the potential to rebound at any time.
Comprehensive analysis: Bitcoin may continue to maintain a downward trend in the short term at the 4H level, but since KDJ shows oversold, there may be a technical rebound in the next period of time. The negative area of MACD and the expansion of the opening of the Bollinger Bands show that there is still a large downward pressure on the market. Bitcoin may rebound technically in the short term at the 1H level. MACD shows that the downward momentum is weakening, the KDJ indicator is in an oversold state and there are signs of an upward rebound, and the rebound after the price approaches the lower track of the Bollinger Bands also supports this view.
To sum up, the following suggestions are given for reference
Bitcoin rebounds to the 60,800 line and short, with a target around 59,500 and a defense of 61,200.
Writing time: (2024-07-03, 20:30)
