After U.S. Federal Reserve Chairman Powell said at the Jackson Hole Economic Forum at 10 p.m. Beijing time on Friday that the time was ripe for a rate cut, the crypto market immediately ushered in a new wave of gains. The price of Bitcoin rose all the way from the low of $60,691 before Powell's speech to a high of $65,000. As of the time of writing, it was quoted at $63,948, up 4.98% in the past 48 hours.
Ethereum's trend is similar to that of Bitcoin. Its price has continued to rise from the low of $2,646.82 before Powell's speech, reaching a high of $2,820. As of the time of writing, it was quoted at $2,745, up 3.98% in the past 48 hours.
Bitcoin four-hour chart
First, according to the Bollinger Band indicator in the Bitcoin 4H level chart, the current price is between the upper and middle tracks of the Bollinger Band, and the price has just broken through the upper track and then slightly adjusted back, which shows that the market is in a relatively strong state, but there is a certain overbought risk. If the price can continue to hover near the upper track or break through the upper track, there will be a further upward trend. On the contrary, if the price falls below the middle track, it may adjust back to the lower track.
Secondly, according to the KDJ indicator in the Bitcoin 4H level chart, the current K-line value and D-line value are at high levels, and the J-line value has turned slightly downward, which means that it is currently in the overbought area and may face short-term adjustment pressure. If the J-line value continues to cross the K-line value and D-line value downward, then the trend of a pullback can be determined.
Finally, according to the MACD indicator in the Bitcoin 4H level chart, the DIF line crosses the DEA line downward above the 0 axis to form a death cross, and the MACD green bar chart gradually increases, indicating that the upward momentum is weakening and the downward momentum is increasing, and there is a need for a correction in the short term.
Bitcoin one-hour chart
First, according to the Bollinger Band indicator in the Bitcoin 1H chart, the current price is near the middle track of the Bollinger Band, and the upper and lower tracks of the Bollinger Band have become flat, indicating that the market is in a volatile market. The price fluctuates back and forth between the middle and upper tracks of the Bollinger Band, with no obvious breakthrough trend. This situation may indicate that the market is waiting for a new direction to break through. In the short term, if the price breaks through the upper track, it is expected to rise further; conversely, if it falls below the lower track, a downward adjustment may occur.
Secondly, according to the KDJ indicator in the Bitcoin 1H level chart, the three KDJ line values are all below 50, and the J line value crosses the D line downward, forming a death cross, indicating that there is downward pressure in the short term. This may lead to a further correction or a volatile downward trend.
Finally, according to the MACD indicator in the Bitcoin 1H chart, the DIF line and the DEA line are currently hovering near the 0 axis, and the MACD histogram shows a shorter green bar. This shows that the market's long and short forces are relatively balanced, and there is no obvious trend direction in the short term. If the DIF line continues to be above the 0 axis and a golden cross appears, it may indicate an upward signal. On the contrary, if a death cross appears and is below the 0 axis, there may be a risk of a callback.
Comprehensive analysis shows that Bitcoin 4H level is currently in a strong but slightly overbought state. If it continues to maintain near the upper track of the Bollinger Band and MACD remains positive, the price may continue to rise. However, if KDJ shows an obvious death cross and the price falls below the middle track of the Bollinger Band, there may be a short-term risk of a correction. Bitcoin 1H level shows a trend of shock consolidation. There is a lack of clear directional signals in the market, and it may continue to oscillate between the upper and lower tracks of the Bollinger Band in the short term. If KDJ continues to move downward and MACD does not show an obvious upward signal, the price may have a further risk of a correction.
To sum up, the following suggestions are given for reference
Bitcoin short at 64000, target 62800-62300, defense 64500.
Writing time: (2024-08-26, 13:30)
(Text-Daxian Talks about Coins)
