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Bitcoin current market analysis:

Bitcoin fell back after breaking through its previous high in the early morning, in line with our prediction yesterday. Despite the bearish data, the weak performance of U.S. stocks may bring more funds into the crypto market in the short term. Now, let’s take a look at the weekend signals that technical analysis gave us.

The amplitude of the 1-hour Bollinger Bands is narrowing, the price is running below the Bollinger Bands, and is currently in the rebound stage at the bottom of the range. The lower support level is 43,650, the midline pressure level is 44,000, and the upper Bollinger Band pressure level is 44,488. If the price fails to break through the upper track, a 1-hour dead cross downward signal may appear.

The amplitude of the 4-hour Bollinger Bands is about 1200, and the price is running on the upper track of the Bollinger Bands. The intraday callback is supported by the 4-hour midline, with the support level at 43,730. If the 4-hour midline breaks, there may be a short-term correction to 43,000. However, the 4-hour moving average has formed a golden cross signal, and the 1-hour and 4-hour moving average diverged.

The amplitude of the daily Bollinger Bands is 11,000 points, which is an increase from yesterday. Bitcoin rose in the early morning, but did not break through the daily Bollinger Band, so there was no top divergence signal and there was less pressure for a short-term correction. The upward pressure is the upper line of the daily Bollinger Bands at 44,500. The price is running on the upper Bollinger Band, and the MA7 daily line serves as an effective bottom support. Even if there is a short-term correction, the MA7 daily line can still serve as an effective support, and the current support level is 43,000. Bitcoin trading volume is low and may remain choppy over the weekend, providing more opportunities for altcoins.

In general, a small correction and shock is possible, but the bottom support is strong and it will be difficult to fall unless there is extreme bad news. In the short term, 43,000 is an effective support level. If this position is not broken, it can be regarded as a short-term shock stage, and it is not recommended to blindly chase long positions. Contract traders can conduct swing trading in this range. Please note that the 1-hour and 4-hour Bollinger Bands are tightening, and there may be a short-term acceleration on the weekend. Please pay attention to market fluctuations.