Recently, with the global geopolitical situation becoming tense, especially with the approaching US presidential election, investors from all walks of life have begun to seek safe-haven assets to combat economic uncertainty. Bitcoin and gold are the main beneficiaries because they are seen as assets that combat the depreciation of the US dollar and are also considered to have "value storage" characteristics.

At around 21:30 last night, Bitcoin quickly rose to nearly the $68,000 mark. Perhaps because of the setback in the opening of the U.S. stock market or investors’ profit-taking, a large amount of selling pressure emerged, causing the price of Bitcoin to plummet by more than $3,000 in one hour, reaching a low of $64,781. But just when investors thought that the decline was just beginning to emerge, Bitcoin made a V-turn and pulled back to $67,000. The price fluctuations in the "N" shape trend led to a double kill of long and short positions. As of the time of writing, the price of Bitcoin was quoted at $67,751, up about 2.01% in the past 24 hours.

Bitcoin four-hour chart

First of all, according to the Bollinger Band indicator in the Bitcoin 4H level chart, the current price is running near the upper track of the Bollinger Band, indicating that the market is in a strong upward trend, but it is also in an overbought position, and we need to be vigilant about the possibility of a pullback in the short term. The Bollinger Band is in an open state, indicating that subsequent volatility will be relatively strong.

Secondly, according to the KDJ indicator in the Bitcoin 4H level chart, both the K-line value and the D-line value are in the overbought area, and the J-line value is even in the severe overbought area. As the market is in an overbought state, the price of Bitcoin may be at risk of a technical correction in the short term.

Finally, according to the MACD indicator in the Bitcoin 4H level chart, the DIF line is significantly higher than the DEA line and runs above the 0 axis at the same time, indicating that the bullish force is still dominant, and the MACD histogram is also red at the same time, which verifies that the market is in a bullish trend.

Bitcoin one-hour chart

First, according to the Bollinger Band indicator in the Bitcoin 1H level chart, the current Bitcoin price is running near the upper track of the Bollinger Band, indicating that it is in a strong upward trend in the short term. The continued upward expansion of the upper track reflects the strong market momentum. However, the price is close to the upper track, which also means that there may be overbought pressure in the market, and there is a risk of pullback or consolidation in the short term.

Secondly, according to the KDJ indicator in the Bitcoin 1H level chart, the K-line value and the D-line value are both above 80, while the J-line value is 100, which shows that the price of Bitcoin is overbought and there may be pressure for a correction in the market in the short term. If the three-line value of KDJ turns downward, it will further confirm the correction signal.

Finally, according to the MACD indicator in the Bitcoin 1H level chart, the DIF line is higher than the DEA line, and the MACD red bar chart is red, which means that the market is in a bullish trend and the upward momentum is still continuing. However, the MACD red bar chart begins to shorten gradually, indicating that the upward momentum is about to weaken. In the future, we need to pay attention to whether the DIF line can cross the DEA line to form a dead cross. If a dead cross is formed, the price will fall back in the short term.

Comprehensive analysis shows that according to the Bitcoin 4H level chart, the upper track of the Bollinger Band is still expanding, indicating that the market still has room for growth, but KDJ is currently in the overbought area, and there is a possibility of a short-term correction. According to the Bitcoin 1H level chart, the Bollinger Bands show that the market has strong upward momentum, but both KDJ and MACD show signals of overbought and weakened upward momentum. In the short term, we need to pay attention to whether MACD and KDJ will turn downward to form a dead cross to confirm the depth of the correction.

To sum up, the master gives the following suggestions for your reference:

Go long when Bitcoin pulls back to 66800-67000, target 68000-68500, defense 66400.

It is better to give you a correct idea and trend than to give you a 100% accurate suggestion. After all, it is better to teach a man to fish than to give him a fish. Suggestions can make money for a while, but ideas can make money for a lifetime! What I focus on is the idea, the grasp of the trend, the layout of the market and the position planning. All I can do is to use my practical experience to help you so that your investment decisions and business management will go in the right direction.

Writing time: (2024-10-16,19:00)

(Text - Daxian Shuobi) We hereby declare that there is a delay in online release, and the above suggestions are for reference only. The author is committed to research and analysis in investment fields such as Bitcoin, Ethereum, altcoins, foreign exchange, and stocks. He has been involved in the financial market for many years and has rich experience in real-time operations. Investments are risky, and you need to be cautious when entering the market. For more real-time market analysis, please pay attention to Daxian Shuobi, a Chonghao account, to discuss and communicate together. #BTC突破6W8