BTC Technical Analysis Report - 2024-04-29 🟢

Basic Market Information

• Current Price: 94,775.8 USDT
• 24h Price Change: +292.9 (+0.31%)
• 24h Trading Volume: 6,392.59 BTC (approximately 605 million USDT)
• 24h Price Range:
  • Highest: 95,610.3 USDT
  • Minimum: 93,445.1 USDT

Technical Analysis

• Trend Analysis:
  • Short-term (7-day MA): Upward trend, price consolidating around 95,000 USDT.
  • Mid-term (25-day MA): Uptrend, maintaining strength
  • Long-term (99-day MA): Upward trend, overall movement is healthy
• RSI( 14): is in the 60-65 range, neutral to bullish
• MACD: Still operating above the zero line, but momentum has weakened.
• Bollinger Bands: The price is running between the middle band and the upper band, indicating a mild upward trend.

Market Sentiment Analysis

The current market is in a consolidation phase:

• Recently mainly influenced by institutional capital inflows, such as Strategy increasing its holdings by 15,355 BTC (approximately 1.42 billion USD).
• BlackRock IBIT has seen an inflow of $960 million again, indicating that institutional investors' confidence remains strong.
• The market sentiment index is in the "Greed" zone (60), and we need to be cautious of the risk of overheating.

Operation Suggestions

• Position direction: Neutral to long
• Key Price Level:
  • Resistance levels: 95,600 / 96,500 / 98,000 USDT
  • Support Levels: 93,500 / 92,000 / 90,000 USDT
• Short-term trading strategy:

1. Consider buying on dips in the range of 93,500-94,000
2. A breakthrough at 95,600 can allow for a small position to follow up.
3. Consider stop loss if it falls below 92,000

• Risk Warning:

1. The market sentiment index is in the greed zone, and caution is required for pullback risks.
2. It is recommended to adopt a batch building strategy to control single position size.
3. Pay attention to the Federal Reserve's policy direction and changes in institutional capital flows.