I. BTC Price Data in the Last 8 Hours
Based on K-line data from BingX, I will analyze Bitcoin price fluctuations in the following timeframes:
Timeframe 00:00 - 04:00:
- Opening price: 104,539.69 USD
- Closing price: 101,916.58 USD (down 2.51%)
- Lowest level: 101,595.25 USD
- Highest level: 104,594.46 USD
- Trading volume: 19,487,316.45 USD (189.22 BTC)
- Number of trades: 24,720 orders
Timeframe 04:00 - 08:00:
- Opening price: 101,915.78 USD
- Closing price: 101,509.11 USD (down 0.4%)
- Lowest level: 100,391.63 USD
- Highest level: 102,164.94 USD
- Trading volume: 18,043,722.28 USD (178.17 BTC)
- Number of trades: 22,745 orders
Timeframe from 08:00 onwards:
- Opening price: 101,522.04 USD
- Closing price: 102,127.40 USD (up 0.6%)
- Lowest level: 101,100.00 USD
- Highest level: 102,205.33 USD
- Trading volume: 6,512,302.55 USD (64.02 BTC)
- Number of trades: 16,883 orders
II. Detailed Technical Analysis
Fluctuation Range
- Overall fluctuation range: 4,203.46 USD (from 100,391.63 USD to 104,594.46 USD)
- Percentage fluctuation range: about 4.19%
Trend Analysis
- Main trend: Bearish in the last 8 hours, with a total decrease of about 2.31% from the first opening point
- Short-term trend: Slight recovery in the most recent timeframe, creating a potential reversal pattern
Volume Analysis
- Trading volume gradually decreased over the timeframes: 19.49M → 18.04M → 6.51M USD
- The number of trades also decreased: 24,720 → 22,745 → 16,883 orders
- Observation: Strongest selling pressure in the first hour, then gradually decreasing, indicating weakening selling force
Important price zone
- Strong resistance: 104,500 - 104,600 USD (previous peak zone)
- Average resistance: 102,200 USD (peak in the most recent timeframe)
- Important support: 101,100 USD (has been tested and held firm)
- Next support: 100,400 USD (bottom in the 04:00 - 08:00 timeframe)
Technical indicators based on price data
- Candlestick pattern: A reversal candlestick pattern appeared in the most recent timeframe
- Oversold zone: Bitcoin has reached the short-term oversold zone at 101,100 USD and shows signs of recovery
- Fibonacci level: Price has adjusted about 38.2% from the highest peak
III. Market Psychological Analysis
- Period 00:00 - 04:00: Strong selling pressure, many investors may have taken profits after Bitcoin peaked
- Period 04:00 - 08:00: Selling pressure decreases, accumulation trading appears with a narrower range of fluctuation
- Period from 08:00 onwards: Buying pressure returns, however, trading volume is lower, indicating caution
IV. Short-term Trend Prediction
Based on the data and technical analysis, Bitcoin is likely to:
- Continuing to fluctuate within the price range of 101,100 - 102,200 USD in the short term
- Needs to break through the 102,200 USD threshold with high volume to confirm a new upward trend
- If the support zone of 101,100 USD is not held, it may retest the 100,400 USD zone
V. Trading Strategy
For trading in the trend:
- Buy: When the price exceeds 102,200 USD with increased volume
- Sell: When the price breaks below 101,100 USD with increased volume
For trading within the range:
- Buy: Near the support zone of 101,100 - 100,400 USD
- Sell: Near the resistance zone of 102,200 - 102,500 USD
Risk Management:
- Set stop-loss below 100,400 USD for the buy position
- Set stop-loss above 102,500 USD for the sell position
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