Bitcoin reached a high of $85,000 over the past weekend, but was unable to hold above that level and continued to decline, falling to a low of $81,980 this morning. As of the time of writing, it is trading at $94,054, up around 1.74% in the past 24 hours. Other top 10 tokens also declined in tandem, with Ethereum struggling to hold above $1,900, down 1.37% in the past 24 hours, while the biggest drop was seen in SOL, which is currently trading at $128.4, down nearly 6.16% in the past 24 hours.
This week, the global financial markets are focused on the upcoming interest rate decision meetings in the US, UK, and Japan. Although the market generally expects the three central banks to keep interest rates unchanged, the comments and policy implications from the officials will be the focus of market attention, as the countries face different economic growth and inflationary pressures.
Bitcoin 4-hour chart
First, based on the Bollinger Bands indicator on the Bitcoin 4H chart, the current price is near the middle band, not having broken above the upper or lower bands, indicating that the market is still in a consolidation phase. However, the upper and lower bands are narrowing, suggesting that volatility is decreasing, and a potential trend change may be on the horizon.
Secondly, based on the MACD indicator on the Bitcoin 4H chart, the DIF line and DEA line are near the 0 axis, and the MACD histogram is relatively short, indicating that the market is in a weak consolidation phase with low momentum. However, the DIF line and DEA line are showing a trend towards a golden cross, and if a successful golden cross occurs, it may signal an upcoming uptrend.
Finally, based on the KDJ indicator on the Bitcoin 4H chart, the K-line and D-line values are at a medium level, not clearly in overbought or oversold territory, and the short-term outlook is uncertain. However, the J-line value is slightly higher, suggesting the possibility of some upward momentum in the short term. Nevertheless, it is still necessary to observe whether the KDJ indicator will further diverge upwards.
In summary, Bitcoin is currently in a consolidation range, but the MACD indicator is about to form a golden cross, and the Bollinger Bands are narrowing, suggesting a potential breakout. However, the KDJ indicator has not yet shown a clear upward or downward signal.
In conclusion, the expert provides the following suggestions for your reference:
Go long on Bitcoin at around $83,440, with a stop-loss at $82,900 and take-profit targets at $85,100-$85,500. If the price breaks below, look for $96,000.
Rather than providing a 100% guaranteed recommendation, it is better to provide the correct mindset and understanding of the trend. The focus should be on the thought process, the grasp of the trend, the layout of the market, and the position planning. The expert can share their practical experience to help guide your investment decisions and management in the right direction.
Writing time: (2024-07-08, 11:25)
(Written by the Altcoin Expert) Disclaimer: There may be delays in the publication of online content. The above suggestions are for reference only. The author is dedicated to research and analysis in the fields of Bitcoin, Ethereum, Altcoins, foreign exchange, and stocks, with many years of practical trading experience. Investing carries risks, please enter the market with caution.
