Bitcoin continued to fluctuate in a narrow range around $63,000 over the weekend that just ended, and after hitting $62,356 at six o'clock this morning, it soared rapidly to $64,700, staging a double kill of both long and short positions. It is only one step away from the high of $65,000 set in mid-August. As of the time of writing, Bitcoin is quoted at $63,449.
Bitcoin four-hour chart
According to the Bollinger Band indicator in the Bitcoin 4H chart, the price of Bitcoin is close to the upper Bollinger Band and has a short correction, which shows that the market is currently overbought and the price may continue to fall. The distance between the upper and lower Bollinger Bands has not shrunk significantly, which reflects that the volatility in the future market is still fierce.
According to the MACD indicator in the Bitcoin 4H level chart, the DIF line is still above the 0 axis, but has begun to move closer to the DEA line. The MACD red bar chart is also gradually shortening, indicating that the upward momentum is weakening. If it continues to form a death cross downward, there will be a risk of a pullback in the short term.
According to the KDJ indicator in the Bitcoin 4H level chart, the K-line value and the D-line value are currently in a high overbought state, while the J-line value is at a higher level and is beginning to show signs of falling back. There may be pressure for a correction in the short term.
According to the RSI indicator in the Bitcoin 4H level chart, the RSI value is currently at the middle level of 56, indicating that the market is not in an obvious overbought or oversold situation, and the price may maintain a volatile downward trend.
Bitcoin one-hour chart
According to the Bollinger Band indicator in the Bitcoin 1H level chart, the price is below the middle track of the Bollinger Band and begins to move downward toward the lower track of the Bollinger Band. The market will face downward pressure. If the price falls below the lower track, the downward speed may accelerate, but if the lower track is strongly supported, then there may be a chance of a rebound.
According to the MACD indicator in the Bitcoin 1H level chart, the DIF line crossed the DEA line downward to form a death cross, indicating that the market is currently in a downward state. The MACD green bar chart is also gradually increasing, indicating that the market will have room for further decline in the future.
According to the KDJ indicator in the Bitcoin 1H level chart, the KDJ three-line value began to turn upward at a low level, indicating that the oversold state is about to end and there may be a chance of a rebound in the short term.
According to the RSI indicator in the Bitcoin 1H level chart, the current RSI value is 40, close to the oversold area, indicating that the short-selling force is weakening and the market may seek support in this area, accompanied by a slight rebound.
Comprehensive analysis shows that Bitcoin may face some pullback pressure in the short term, but it will remain in an upward trend overall. We need to pay attention to whether MACD will death cross and whether KDJ will fall further. If the middle track of the Bollinger Bands can form effective support, the pullback may be limited.
To sum up, the following suggestions are given for reference
Long on Bitcoin if it pulls back to 62800-63000, target 64150-64450, defense 62500 .
Writing time: (2024-09-23, 20:05)
