Cryptocurrency Expert: On June 30, Bitcoin peaked and then retraced. The bulls are still present, but they are losing strength! Latest market analysis and reference suggestions.
The current price of Bitcoin is 107,600. It is now 3 AM Beijing time. The market reached 108,500. After waiting for many days, only those who placed orders could get in; those who didn't can only stare in frustration. For those holding positions, it is advised to defend and set stop losses. The rest is to gradually exit and lock in profits. As for how it will move in the future, we can only leave it to time. The weekly close has occurred, but we must wait until today’s close to see the monthly close. It’s best for those without positions to wait until the monthly close before choosing an entry point.
Before the article was published, the daily K-line's highest was 108,530 and the lowest was 107,150. The high just touched the upper pressure point of the descending trend line. It is necessary to try small positions in this area. If you missed it, it’s okay to wait for the pressure point to break before entering again; it will just take a bit more time. The EMA trend indicator shows a trend of high-level consolidation, and MACD is continuously increasing in volume, indicating that the bullish trend holds some advantages. There is a suspicion that the main force is pulling up the price to sell off, as the K-line has been consolidating above the middle band of the Bollinger Bands at 105,850. The upper band’s pressure point is at the 110,000 mark, so those heading south from 108,500 should be cautious of risks. If the trend pressure point breaks, the next southward position will be at 110,000.
The four-hour K-line bullish trend has been reversed. After breaking 108,500, the K-line retraced to the EMA15 trend support point at 107,400. The current market belongs to a bullish trend, and the short-term retracement has not broken support. The bulls are still in play. MACD is continuously decreasing in volume, but DIF and DEA are still expanding above the 0 axis. If a golden cross forms, it may stretch further. After the K-line broke the upper Bollinger Band at 108,000, it quickly returned to the channel and stood at the middle band at 107,400. Given the unclear trend and the current price of Bitcoin being overvalued, it is recommended to wait for a break of the pressure before looking for opportunities to head south, and not to chase high prices upward.
Short-term reference:
Southward trial entry point 109,500 to 110,000 break point, defense at 110,500, stop loss 300 points, target looking at 108,000 to 107,000, breaking point looking at 106,000 to 105,000,
Northward reference point 108,500 to 108,800 break point, defense at 108,000, stop loss 500 points, target looking at 109,000 to 109,500, breaking point looking at 110,000,
Suggestions are for reference only, risk is self-borne $BTC