Bitcoin surged to $68,771 on the 25th, successfully reaching the profit-taking area of the big gods, but then suddenly plummeted, falling to $65,596.29 in the early morning of the 26th. However, it then rebounded above $66,000, and fluctuated between $66,600 and $67,400 over the weekend. As of the time of writing, the quoted price is $68,207, up 1.66% in the last 24 hours.
Bitcoin 4-hour chart
First, according to the Bollinger Bands indicator on the 4H Bitcoin chart, the price of Bitcoin is approaching the upper band, but has not yet broken through, indicating that the price is in an overbought state. If the price continues to break through the upper band, there may be further upward momentum. However, if the price fails to effectively break through the upper band, the price may pull back to the middle band.
Secondly, according to the KDJ indicator on the 4H Bitcoin chart, the K-line value and D-line value are both in the overbought zone, and the J-line value is even in the severely overbought zone, indicating that a short-term correction may occur. If the KDJ forms a death cross signal in the high overbought zone, it means that the short-term top is in place and the probability of a downward correction increases.
Finally, according to the MACD indicator on the 4H Bitcoin chart, the DIF line and DEA line are currently running around the 0 axis, and the DIF line has slightly crossed above the DEA line, forming a golden cross signal, indicating that there is potential for a short-term upward trend. The MACD histogram has turned from green to red, indicating that the bearish momentum is weakening and the bullish momentum is further strengthening.
Bitcoin 1-hour chart
First, according to the Bollinger Bands indicator on the 1H Bitcoin chart, the Bitcoin price has already broken through the upper band and is fluctuating around the upper band, with the price running above the upper band indicating that the bullish force is relatively strong, but also accompanied by the risk of being overbought. If the price continues to fluctuate around the Bollinger Bands upper band, the upward trend may continue in the short term.
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 severely overbought zone. If the KDJ forms a death cross signal at the high level, there may be a corrective trend in the short term. If the KDJ indicator continues to fluctuate at a high level, the upward trend may be maintained in the short term.
Finally, according to the MACD indicator on the 1H Bitcoin chart, the DIF line and DEA line are running above the 0 axis, and the DIF line has crossed above the DEA line, forming a golden cross signal. The red MACD histogram is also gradually increasing, indicating that the current bullish momentum is relatively strong. If the red MACD histogram continues to grow, the market may continue to drive the price higher.
In summary, on the 4-hour chart, Bitcoin shows a certain upward trend, but due to overbought signals in various indicators, there may be a correction in the short term. If the price can stabilize around the Bollinger Bands middle band and rebound, and the MACD forms a golden cross to further confirm, the bullish momentum will strengthen; otherwise, if the KDJ forms a death cross at the high level or the price falls below the Bollinger Bands middle band, the price may pull back. The 1-hour chart also shows that the bullish force of Bitcoin is relatively strong, and it may continue to fluctuate upwards in the short term. However, because the KDJ is in the overbought zone and the price is approaching the Bollinger Bands upper band, there may be a certain correction in the short term. If the red MACD histogram shortens and the KDJ forms a death cross at the high level, the risk of correction will increase. If the price maintains around the Bollinger Bands upper band and is supported, the price of Bitcoin may continue to rise.
In summary, the big god gives the following suggestions for reference:
Go long on Bitcoin at around $67,450, with a target of $68,500-$68,800. Break above $69,100, defend $67,000.
Rather than giving you a 100% accurate recommendation, I would like to give you the right mindset and trend. After all, it is better to teach someone to fish than to give them a fish. What I focus on is the mindset, the grasp of the trend, the layout of the market and the position planning. What I can do is to use my practical experience to help everyone, so that your investment decisions and business management are on the right track.
Writing time: (2024-10-28, 06:00)
(Text - Big God Talks Coins)
