$BTC is about to change trend! Is 108,000 a breakthrough or a trap?
From this 4-hour chart, BTC is currently in a relatively delicate phase. The price has just broken through 107,000 USD, and the short-term moving averages are supporting the price from below, indicating that the recent upward trend is relatively stable. However, it is important to note that the RSI has reached 72, which is in the overbought area, just like a spring that is pulled too tightly and may rebound at any moment. The MACD has shown a golden cross and the red bars are expanding, indicating that the bulls are still gaining strength, but the momentum has started to weaken.
Considering the news, the market is currently waiting for the PCE inflation data to be released in the US tonight, which will affect the Fed's interest rate cut expectations. If the data is higher than expected, BTC may pull back along with the US stock market, with initial support looking at 106,000. If the data is favorable, there may be a surge towards 108,000, but at that time, do not chase the highs, as the RSI is too high and could easily lead to a sudden sell-off.
In simple terms: there is a risk of a short-term pullback, but the overall trend is still upward. Those with positions can wait to add near 106,000, while those without positions should not rush in now; it is safer to wait for the RSI to drop below 60.
Pay close attention to the market reaction after the US data is released tonight.
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