Mr. Coin in the Coin Circle: Bitcoin (BTC) Market Analysis Reference on August 31
Yesterday, Bitcoin continued to consolidate in a wide range as expected, with highs near the 59,950 line under pressure, and prices fluctuated back and forth in a range of nearly 2,000 points. Today, the market is under pressure and has moved downward again. The price has broken through the previous low and has only rebounded after touching the 57,700 line. There are signs of recovery in short-selling sentiment. If the price cannot stabilize above 60,000 during the day, there is a risk of further correction in the market.
From the short-term hourly chart, the price range of the currency fluctuates back and forth more flexibly. Although the current price has rebounded strongly after touching the 57,700 line, the price has also returned to the 59,000 position, but this wave of continuous price declines has adjusted the Bollinger Bands to a narrowing state, and the current market is running in the area near the middle track. If the subsequent rebound cannot continue to break through the middle track suppression, there is a risk of further downward movement in the market. Bitcoin is still in a volatile downward rhythm. The hourly MACD shows that the fast and slow lines are still below the zero axis, and the bar chart has turned green many times, indicating that the market is still in a weak state, but there is a stabilization limit. The rebound will be seen in the later period. If the rebound cannot stabilize the daily axis, the intraday market is expected to continue to fluctuate in the range.
From the daily level chart, after two days of consolidation, the price is also trending downward again. At present, the daily axis and EMA30 form a line of suppression. If the strong rebound cannot break through the sub-regional suppression during the day, the price will continue to pull back. Mr. Coin hopes that all coin friends will be prepared in advance. The indicators in the attached figure tend to be downward, and the pullback is expected to be extended in the short term. The operation suggestion is to rebound short orders.
8.31 Bitcoin short-term reference:
Focus on the 57500-58000 range for long orders, and try to buy with a light position, with a target above 59000.
Long order 2: long in the range of 55000-56000, target above 57500,
Short order, short in the range of 59500-60000, defense 61200, stop loss 61500, target below 59000,
Short order 2, short in the range of 60800-61200, target below 59000,
There is a delay in sending the article, and the strategy suggestions are for reference only. The market changes rapidly. No matter how high your judgment of the market is, you must take the stop profit and stop loss well and put the profit in the bag