Mr. Coin in the Coin Circle: 8.28 Bitcoin (BTC) Market Analysis Reference
After the Bitcoin market came under pressure yesterday, the price trended strongly again, falling below the 62,000 mark. The market weakened again, with a drop of more than 2,000 points, and bearish sentiment began to gradually increase. The price rebounded at 63,000 and was blocked and pulled back again. The upward price did not break through the 63,000 suppression area. The market pulled back more than 1,000 points again. The bullish sentiment was relatively sluggish, and the price may fall further during the day.
From the short-term four-hour chart, the Bollinger Bands are open, the market is running in the middle and lower track area, MACD is in a dead cross state, and the fast line continues to move downward. The current price is near the 60,650 position, and the rebound is blocked. The current trend is under pressure, and the decline has not yet dissipated. There is a high probability that the market will retest the strength of the support below.
From the daily chart, the price closed negative for two consecutive days, and the decline has reached more than 3,000 points. The price fell below the heavy support. If it breaks down again in the future, the market is expected to approach the support of the 60-day moving average. It is recommended that you prepare in advance. At present, the overall trend remains volatile and downward. The support below focuses on the 59,000 area. If it does not fall below, the market will bottom out and rebound again. The intraday fluctuation is large, and those who are not sure can wait and see.
8.28 Bitcoin short-term reference:
Focus on the 59,000 support for long orders, try to buy in the 59,500-59,000 range with a light position, defend 58,000 to make up, stop loss 57,800, and target above 60,000.
Short position, short around 61000-61300, target below 60500, (62000 short position in hand)
The article is delayed, the strategy suggestions are for reference only, the market changes rapidly, no matter how high your judgment of the market is, you must take profit and stop loss, and put the profit in the bag $BTC