Market Background and Technical Analysis
Short-term hourly chart: Bitcoin is currently at a low level close to the 53,200 area. Observing the 1-hour to 3-hour K-line chart, the Bollinger Bands are slowly opening downward, and the price is running in the middle and lower track area. Although the price rebounded near 57,750 in the short term, the upper resistance failed to break through. The current resistance is gradually moving downward, MACD is running in the negative zone, and the fast and slow lines are divergent below the zero axis. This shows that the market bullish sentiment has weakened. If there is no strong rebound, the price may fall further.
Daily chart: From the daily chart, Bitcoin rebounded to the middle axis of the Bollinger Bands several times and then pulled back again, showing that the rebound strength was weak. The daily Bollinger Bands are closing, indicating that the market may fluctuate and consolidate in a narrow range. The MACD and Stoch indicator lines in the attached figure tend to be parallel, indicating that the market is in a volatile market.
Recommendations
Based on the current technical analysis, it is recommended to adopt a cautious strategy in operation, mainly focus on range operations in the short term, and avoid being too aggressive.
Short order operation:
Entry range: 60500-60800
Stop Loss: 62100
Target: Below 58500
Multiple order operation:
Entry range: 58200-58500
Stop loss: 56900
Target: above 59400
Summary
The current Bitcoin market is in a volatile range, and the short-term trend tends to be weak. It is recommended to adopt a flexible range strategy in operation to avoid the risks brought by large fluctuations.
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