Bitcoin began to drop significantly around 11 PM on the 13th, with the lowest drop to $62,050, but quickly V-shaped back to above $63,000, then fluctuated around $62,500, and then suddenly surged from $62,500 this morning at 11 o'clock, reaching a new high of $65,188 this month, with the current quote at $64,830, up about 3.1% in the last 24 hours.
Bitcoin 4H chart
First, according to the Bollinger Bands indicator on the 4H Bitcoin chart, the current price has broken through the upper Bollinger Band, which is a clear bullish signal, indicating a relatively optimistic market sentiment. It is currently running near the upper band, and although it may bring some short-term pullback pressure, as long as the price can maintain between the middle band and the upper band, the market will still maintain a bullish trend.
Secondly, according to the KDJ indicator on the 4H Bitcoin chart, the K-line value and D-line value are both in the overbought area, but the J-line value is slightly turning down, indicating that there may be a risk of a short-term pullback. Although the KDJ indicator shows in the overbought area, as long as the K-line value and D-line value do not form a clear death cross signal, there is still the possibility of continued upward movement, and the focus needs to be on the formation of the death cross going forward.
Finally, according to the MACD indicator on the 4H Bitcoin chart, the DIF line has crossed above the DEA line, and the two lines are diverging upwards, which is a clear bullish signal, and the current upward momentum is strong. At the same time, the red MACD histogram is growing, indicating that the upward momentum is also strengthening, and the current market is still biased towards a bullish trend.
Bitcoin 1H chart
First, according to the Bollinger Bands indicator on the 1H Bitcoin chart, the current price has broken through the upper Bollinger Band, which is a strong bullish signal, but the current price is quite far from the upper band, indicating that the market is currently in an overbought state. At the same time, the price has started to fluctuate around the upper Bollinger Band, indicating that the price may undergo a short-term pullback and find support around the middle band.
Secondly, according to the KDJ indicator on the 1H Bitcoin chart, the K-line value and D-line value are both above 80 in the overbought area, and the J-line value has started to turn down, approaching the intersection of the K-line value and D-line value, showing signs of forming a death cross, and the price may face short-term pullback pressure.
Finally, according to the MACD indicator on the 1H Bitcoin chart, the DIF line and DEA line are both at high levels, and the DIF line is above the DEA line, indicating that the current market is in a bullish trend. However, the red MACD histogram is starting to shorten, indicating that the upward momentum is weakening, and there is a possibility of a short-term pullback.
In summary, based on the 4H Bitcoin chart, Bitcoin is still maintaining an upward trend in the short term, and the upward momentum is strong. However, the KDJ indicator is in the overbought area, and there is a risk of a pullback at any time. Based on the 1H Bitcoin chart, the MACD red histogram is gradually shortening, the upward momentum is weakening, and the KDJ indicator shows signs of forming a death cross, so there may be a pullback in the short term.
In summary, the following suggestions are provided for reference:
Suggestion 1: Short Bitcoin when it rebounds to around $65,000, with a target of $63,700 and a stop-loss at $65,450.
Suggestion 2: Long Bitcoin when it pulls back to around $63,700, with a target of $65,500 and a stop-loss at $63,200.
Writing time: (2024-10-14, 21:00)
