The first debate of the US presidential election took place at 9 a.m. today. Republican candidate and former President Trump and Democratic candidate and Vice President Harris faced off for the first time. 20 minutes into the debate, Bitcoin plunged nearly $1,000, falling below the $57,000 mark.
For the two presidential candidates, this debate is of utmost importance, as the winner will have a profound impact on the global economy and financial markets. It is well known that Trump supports cryptocurrencies, while Harris has not yet clearly expressed her policy stance on cryptocurrencies. However, in the more than 90-minute verbal battle, neither side mentioned cryptocurrencies at all.
Bitcoin began to fall after breaking through $58,000 yesterday. After oscillating above $56,000 to accumulate strength, it broke through $58,000 again around three o'clock in the morning today, but soon as selling pressure emerged, it experienced a rapid decline after the debate began at nine o'clock in the morning and fell below $57,000. As of the time of writing, the price was quoted at $56,530, and the increase in the past 24 hours narrowed to 0.61%.
Bitcoin four-hour chart
From the death cross of MACD and KDJ in Bitcoin's 4-hour chart, we can see that Bitcoin has a callback pressure in the short term, and the short-selling force is increasing. The price of the currency is close to the middle track of the Bollinger Band. If it can stabilize the middle track and break through, there will be a chance of rebound, but if it fails to stabilize the middle track effectively, it may further look for support downward. RSI is in the neutral area and has not shown obvious overbought or oversold signals. The market may have a volatile consolidation in the short term.
Recommendation: In the short term, pay attention to the support role of the middle track of the 4-hour Bollinger Band and the further trend of the MACD and KDJ indicators (the formation of golden cross and death cross). If the currency price can stand firm on the middle track and a reversal signal appears, you can consider entering a long position; on the contrary, if it continues to weaken, you need to be alert to the risk of further decline.
Bitcoin one-hour chart
Judging from the MACD and KDJ in the 1-hour chart of Bitcoin, Bitcoin may have a certain rebound momentum in the short term, but it should be noted that the J line value in KDJ is close to the overbought zone, and there may be a pullback after the rise. The middle track of the Bollinger Band forms a key resistance. If the price effectively breaks through the middle track and stabilizes above the middle track, the price may rise further. But if it fails to break through, it may pull back to the vicinity of the lower track of the Bollinger Band. RSI is in the neutral area, indicating that the market may maintain a shock consolidation pattern in the short term.
Recommendation: In the short term, pay attention to the breakthrough of the middle track of the 1-hour Bollinger Band. If it breaks through the middle track, you can consider long with a light position; but if it fails to break through or a pullback signal appears after the KDJ is overbought, you need to be cautious about being bullish or short at high levels.
To sum up, the following suggestions are given for reference
Bitcoin rebounds to 57000-57200 for short, target 55850-55500, defense 57600. (The above are all the time points for writing)
Writing time: (2024-09-11, 20:45)
(Text-Daxian Talks about Coins)
