The negative impact of the compensation paid by the bankrupt exchange Mt.Gox continued to ferment. After Bitstamp received a huge amount of Bitcoin transfer from Mt.Gox, KraKen also distributed Bitcoin to creditors one after another. The market was worried that creditors would sell Bitcoin for cash after receiving compensation, and the cryptocurrency market once again faced selling pressure.
As of the time of writing, Mt. Gox still holds 90,344 bitcoins, worth approximately $6 billion. Since the creditors lost all of their cryptocurrencies about ten years ago, the price of Bitcoin has been rising continuously during this period. Now that they have finally got these assets back, they may sell them on the market for cash, putting downward pressure on the price of the currency.
Since last night, Bitcoin has lost two integer levels of $67,000 and $66,000. As of the time of writing, the price is hovering around $66,244, down nearly 2.7% in the past 24 hours. Thanks to the strong trading volume of the Ethereum spot ETF on its first day of listing in the United States, Ethereum's decline today is relatively light, and it is still holding above $3,400, with a daily decline of about 1%.
Bitcoin four-hour chart
First of all, according to the Bollinger Band indicator in the Bitcoin 4H level chart, the current price is running from the lower track of the Bollinger Band to the middle track, indicating that the market has a certain upward momentum, and the Bollinger Band opening has slightly expanded, indicating that the subsequent market volatility is relatively large.
Secondly, according to the KDJ indicator in the Bitcoin 4H level chart, the K-line value and the D-line value are currently below 50, and the K-line value shows signs of breaking through the D-line upward to form a golden cross. Once the breakthrough is completed, the price will rebound in the short term.
Finally, according to the MCAD indicator in the Bitcoin 4H level chart, the DIF line and the DEA line are below the 0 axis, and the DIF line has a tendency to break through the DEA line upward to form a golden cross. Once the golden cross is formed, the market will turn from weak to strong. The MACD green bar chart is gradually shortening, indicating that the short-selling force is gradually weakening and the long-selling force may be gathering.
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 upper track of the Bollinger Band, which shows that the market is in a strong upward trend. However, the upper track of the Bollinger Band has begun to show signs of flattening, indicating that the upward momentum may be weakening in the short term. If the price can effectively break through the upper track, then the price will rise further. If it cannot break through, the price will pull back or fluctuate near the upper track.
Secondly, according to the KDJ indicator in the Bitcoin 1H level chart, the K-line value and the D-line value are currently above 80, and the D-line value is higher than the D-line value, indicating that the market has entered the overbought area and there is a possibility of a correction at any time.
Finally, according to the MACD indicator in the Bitcoin 1H level chart, the DIF line and the DEA line are below the 0 axis, but the DIF line crosses the DEA line upward to form a golden cross, which indicates that the price may rise in the short term. The MACD red bar chart shows a gradual increase, indicating that the price of Bitcoin will rise further in the short term.
In summary, according to the Bitcoin 4H level chart, both KDJ and MACD indicators show that the market may rebound, but the strength and duration of the rebound need further observation. The Bollinger Bands show that the price fluctuates between the upper and middle rails, indicating that the overall market is still strong, but there is a risk of adjustment in the short term. According to the Bitcoin 1H level chart, the KDJ indicator shows that the market is overbought, but the MACD indicator shows that the market may have the momentum to rebound. The upper rail of the Bollinger Band is a key pressure point. If the price can break through this pressure point, it may continue to rise. If the price cannot break through the upper rail of the Bollinger Band, and the K line and D line of the KDJ indicator have a death cross, there may be a risk of a callback.
To sum up, the following suggestions are given for reference
Bitcoin rebounds to around 67,000 and short with a light short, and increase short position at 67,400. The target is 65,000 and the defense is 68,000.
It is better to give you a correct idea and trend than to give you a 100% accurate suggestion. After all, it is better to teach a man to fish than to give him a fish. Suggestions can make you money for a while, but ideas can make you money for a lifetime! What matters is the idea, the grasp of trends, the layout of the market and the planning of positions. What I can do is to use my practical experience to help you so that your investment decisions and business management will go in the right direction.
Writing time: (2024-07-24, 16:30)
(Text-Daxian Talks about Coins)
