Bitcoin once climbed to $61,419 yesterday afternoon, but buying failed to sustain the rise and it plunged rapidly around 10 p.m., falling below the $60,000 mark again. It hit a low of $58,541 around midnight and was quoted at $59,403 as of writing time, down 1.89% in the past 24 hours, with all gains made during the day yesterday having been given back.
To make matters worse, the Mt.Gox address transferred 12,000 BTC worth approximately US$707 million to a new address at around 8 am this morning. This transfer is likely to be for repayment, which may bring selling pressure to the market again.
Bitcoin four-hour chart
First, according to the Bollinger Band indicator in the Bitcoin 4H level chart, the price of Bitcoin fluctuates near the middle track of the Bollinger Band, and the Bollinger Band opening is narrowing, showing a convergence state, indicating that a directional breakthrough is about to occur. The price is currently running below the middle track. If the price continues to decline and falls below the lower track, it may usher in a wave of falling market. On the contrary, if the price can break through the upper track, there may be a strong rise.
Secondly, according to the KDJ indicator in the Bitcoin 4H level chart, the three KDJ line values are currently running at low levels, the K line value and the D line value have a downward trend, and the J line value is in the oversold area. In the short term, it still looks to be in a weak consolidation state, but we need to pay attention to the possibility of a rebound at any time.
Finally, according to the MACD indicator in the Bitcoin 4H level chart, both the DIF line and the DEA line are running below the 0 axis, and the distance between the two lines is gradually shrinking, indicating that the downward momentum of the current market has weakened and there will be a demand for a rebound in the short term. If the DIF line can cross the DEA line upward to form a golden cross pattern, then there will be a wave of rising prices in the short term.
Bitcoin one-hour chart
First of all, according to the Bollinger Band indicator in the Bitcoin 1H level chart, the Bitcoin price is running below the middle track of the Bollinger Band, and the upper and lower tracks of the Bollinger Band are gradually narrowing, indicating that there will be relatively large fluctuations in the future; if the price can effectively stand on the middle track and break through the upper track, then there will be an upward trend in the short term. On the contrary, if the price fails to effectively stand on the middle track, it will continue to move downward.
Secondly, according to the KDJ indicator in the Bitcoin 1H level chart, the K-line value and the D-line value are currently showing signs of falling back from high levels, and the J-line value has crossed the D-line value and the J-line value downward, forming a golden cross pattern, which will usher in a downward trend 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 DIF line has just crossed the DEA line downward to form a death cross. The MACD green bar chart is gradually increasing, indicating that the downward pressure has increased, and the decline may continue in the future and continue to move downward.
Comprehensive analysis shows that from the Bitcoin 4H chart, the Bitcoin price fluctuates within the Bollinger Bands convergence range, and the MACD and KDJ indicators show that the market momentum is relatively weakened, but the direction is not yet clear. The price may choose a directional breakthrough in the short term. From the Bitcoin 1H chart, against the background of the Bollinger Bands convergence, the MACD death cross and the high-level decline of KDJ indicate that Bitcoin may face downward pressure in the short term. If the price cannot break through the middle track of the Bollinger Bands and stand firm, it may continue to move towards the lower track of the Bollinger Bands.
To sum up, the following suggestions are given for reference
Bitcoin rebounds to around 59,800 and shorts, target 58,000 and continue to hold if it breaks, defend 60,300.
Writing time: (2024-08-21, 19:00)
(Text-Daxian Talks about Coins)
