1. Overall Market Analysis of BTC



The price of BTC has dropped today. Looking at the weekly chart, the candlestick has formed an upper shadow, indicating resistance when trying to rise. The key support level on the weekly chart is around 111900, and this price cannot be breached. Furthermore, the KDJ indicator on the weekly chart has formed a death cross and is still adjusting downward, so caution is needed as the price may fall again. The risk of a second pullback cannot be ignored.

Looking at the daily chart, the price previously rebounded to the middle band of the Bollinger Bands, but it couldn't continue to rise and started to fall again. If the price can stabilize near the middle band and oscillate back and forth in this area, there would be hope to push towards the upper band near 116900 later. However, if the price continues to fall and breaks below the middle band, then we need to pay attention to the support level at the lower band of 111900. From the perspective of the daily MACD and KDJ indicators, there is a possibility of recovery, but currently, there is no particularly obvious signal indicating that the price will rise.

In terms of short-term trading, we focus on the 4-hour chart and wait for the right opportunity to act.

2. BTC Short-term Market Analysis

From the 4-hour level, BTC price faced resistance near the middle of the rebound channel yesterday and then fell back. If the price can adjust and oscillate near the middle line in the next period and stabilize, there is still a chance to continue rising towards the upper track of the channel around 116900. However, if it continues to oscillate downward within the channel, it may trigger a new round of correction, at which point we need to pay attention to the support level near the lower track of the descending channel around 111900. If the price can hold at these levels during a pullback, then it may be considered to buy in small batches for short-term operations.
BTC0.03%
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456BUvip
· 08-05 06:40
Good morning everyone… Present market is SALE on RISE … but .. millions $ question is when to buy and when to sale??? In this world nothing call FREE … always works Give and Take policies … I am here nothing to sale my products only to share my knowledge. only 👍share - comment and followers .
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