Bitcoin reached a peak of over $85,000 during the recently concluded weekend but failed to stabilize and continue rising. This morning, it fell again to a low of $81,980, and as of the time of writing, it is quoted at $94,054, with a 24-hour increase of approximately 1.74%. Other top ten tokens also fell in sync, with Ethereum striving to stabilize above $1,900, down 1.37% in the last 24 hours. The biggest drop was seen in SOL, currently quoted at $128.4, down nearly 6.16% in the last 24 hours.
This week, global financial markets are focused on the upcoming interest rate decision meetings in the United States, the United Kingdom, and Japan. Although the market generally expects the three central banks to maintain interest rates, the different economic growth and inflation pressures faced by each country mean that officials' statements and policy hints will become the focus of the market.
Bitcoin 4-hour chart
Firstly, based on the Bollinger Bands indicator in the Bitcoin 4H level chart, the current price is near the middle band and has not broken through the upper or lower band, indicating that the market is still in a consolidation phase. However, the narrowing of the upper and lower bands indicates a reduction in volatility, which may face a turning point, and a breakout trend may be approaching.
Secondly, based on the MACD indicator in the Bitcoin 4H level chart, the DIF line and DEA line are near the 0-axis, and the MACD histogram is relatively short, indicating that the market is in a weak consolidation phase with weak momentum. However, the DIF line and DEA line have a trend of forming a golden cross soon, and if the golden cross is successful, it may lead to a wave of upward movement.
Finally, based on the KDJ indicator in the Bitcoin 4H level chart, the K line value and D line value are at a medium level, not entering obvious overbought or oversold areas. There is significant uncertainty in the short term, but the J line value is slightly higher, indicating a potential for short-term upward momentum. However, it is still necessary to observe whether the KDJ indicator will further diverge upwards.
Comprehensive analysis shows that Bitcoin is currently still in a consolidation range, but the MACD indicator is about to form a golden cross, and the Bollinger Bands are narrowing, indicating a possible breakout. However, the KDJ indicator has not shown a clear upward or downward signal.
In summary, Daxian provides the following suggestions for reference
Enter long at around 83,440 for Bitcoin pullback, defend at 82,900, take profit at 85,100-85,500, and look for a breakout at 96,000.
Instead of giving you a hundred percent accurate advice, it is better to provide you with the correct mindset and trend, after all, teaching a man to fish is better than giving him fish. Suggestions can earn you temporarily, but learning the mindset can earn you a lifetime! What matters is the mindset, grasping the trend, planning the market layout and positions. What I can do is to help you with my practical experience, guiding your investment decisions and management in the right direction.
Time of writing: (2024-07-08, 11:25)
(Wen-Daxian discusses currency) Hereby declare: Online publication has delays, the above suggestions are for reference only. The author is dedicated to research and analysis in investment fields such as Bitcoin, Ethereum, altcoins, foreign exchange, stocks, etc., has been involved in the financial market for many years, and has rich practical operation experience. Investment carries risks, and caution is required when entering the market. For more real-time market analysis, please follow Daxian to discuss and communicate together.#Strategy增持比特币
