Affected by the US August non-farm payrolls data, which led to the market's growing concerns about the US economic recession, Bitcoin plummeted from around $57,000 on Friday, and fell as low as $52,550 on the 7th, hitting a new low since August 5. However, after 6 a.m. today, Bitcoin began to fluctuate upward at $54,400, and was quoted at $55,223 as of the time of writing, up 1.46% in the past 24 hours.
In the past 24 hours, driven by the rise of Bitcoin, the total amount of cryptocurrency contract liquidations reached US$101 million, of which US$76.3 million of short positions accounted for the majority, and a total of more than 29,000 people were liquidated.
Bitcoin four-hour chart
First, according to the Bollinger Bands indicator in the Bitcoin 4H chart, the current price of Bitcoin is close to the middle track. If it can effectively break through the middle track and stabilize, the market may sprint to the upper track. This shows that the market is in a dynamic adjustment period. The upper and lower tracks of the Bollinger Bands spread outward, indicating that the subsequent market volatility will increase.
Subsequently, according to the KDJ indicator in the Bitcoin 4H level chart, the K-line value and the D-line value are both above 70, and the J-line value exceeds 90, indicating that the market is in an overbought area, which means there will be a risk of a pullback in the short term.
Secondly, according to the MACD indicator in the Bitcoin 4H chart, the DIF and DEA lines start to move upward below the 0 axis, which indicates that the market sentiment is shifting from short to long. At the same time, although the green bar chart of MACD is still below the 0 axis, it is gradually shortening, indicating that the downward force of the short trend is gradually weakening. This may be a signal that the market is about to reverse.
Finally, according to the RSI indicator in the Bitcoin 4H level chart, the RSI value is around 50, indicating that the market's buying and selling forces are relatively balanced, with no obvious overbought or oversold signals. However, the RSI rebounded from the oversold area earlier, indicating that buying power has increased, but whether it can continue remains to be seen.
Bitcoin one-hour chart
First, according to the Bollinger Band indicator in the Bitcoin 1H chart, the current price is close to the upper track of the Bollinger Band. This phenomenon usually indicates that the market is accumulating upward momentum, but the lower shadow has appeared in the price trend, which means that the market will encounter certain resistance in the short term. If the price is blocked here, it may fall back to the middle track of the Bollinger Band. The upper and lower tracks of the Bollinger Band are gradually expanding, indicating that market volatility is increasing. If the price can successfully break through the upper track, it may rise further.
Subsequently, according to the KDJ indicator in the Bitcoin 1H level chart, the K-line value and the D-line value are close to 70, and the J-line value has exceeded 80, indicating that the market is currently in an overbought state, and there may be a correction pressure. The price may adjust downward to digest the high pressure.
Secondly, according to the MACD indicator in the Bitcoin 1H level chart, the DIF line is approaching the DEA line downward and forming a death cross, indicating that the price will be corrected in the short term, and the MACD histogram is red, indicating that the upward momentum still exists in the short term. Although the MACD histogram is still red, showing that the upward momentum still exists, the red histogram has begun to gradually shorten, indicating that the bullish momentum has weakened.
Finally, according to the RSI indicator in the Bitcoin 1H chart, the RSI value is currently above 60, close to the overbought zone, indicating that there is strong buying in the market in the short term. However, this also means that the market may face a certain risk of a correction in the short term.
Comprehensive analysis shows that Bitcoin is currently in a short-term rebound phase, but the upward momentum may face resistance. KDJ shows overbought risk, and the price may have a short-term correction. MACD shows that the downward momentum is weakening, and a buy signal may be formed soon. BOLL shows that the market is volatile, and if the price can break through the middle track, it is expected to rise further. RSI shows that the market is still in a relatively neutral position, and the future trend may need to wait for clearer signals.
To sum up, the following suggestions are given for reference
Bitcoin rebounds to around 55700 and shorts, target 54500-53600, defense 56200.
Writing time: (2024-09-09, 20:40)
(Text-Daxian Talks about Coins)
