Master said about the coin: May 24 Bitcoin morning market analysis and strategy
When water is full, it overflows; when the moon is full, it wanes; self-satisfaction leads to failure; self-conceit leads to foolishness. Those who avoid reality will find the future even less ideal. The market cleanses itself, and only the strong remain prominent. The market is ever-changing, and going against the mainstream has become the norm. When many people are bearish, the bulls may be about to arrive. The rapid conversion between bulls and bears always catches people off guard, and the shift in strength occurs in an instant.
Bitcoin 4-hour chart
According to the 4H chart, we can see that Bitcoin is currently in a bearish trend. The DIF line and DEA have formed a death cross, and the MACD histogram shows green bars gradually increasing, indicating strong bearish momentum and significant selling pressure. The KDJ three-line values show an oversold condition, but there are currently no obvious signs of an upward turn. If the J line starts to rise and forms a golden cross with the K and D lines, a rebound may occur in the short term.
Currently, Bitcoin's price has fallen below the middle band of the Bollinger Bands (69753) and is approaching the lower band (67533). The channel is starting to expand outward, further confirming that Bitcoin's price will continue to oscillate downward. The short-term 7MA (68748) and long-term 30MA (68742) are in a bearish arrangement, and Bitcoin's price is also operating below the 30MA.
Comprehensive analysis: Bitcoin's trend on the 4-hour level is bearish, and it will continue to probe lower in the short term. However, if the KDJ forms a golden cross in the oversold area and the MACD green bars weaken, Bitcoin's price may rebound in the short term.
Bitcoin 1-hour chart
From the 1H chart, Bitcoin still shows a bearish trend in the short term. However, the K, D, and J values in the KDJ indicator are all in the low oversold area, and the J line has turned upward, signaling a potential golden cross, along with weakening MACD green bars, indicating a demand for a rebound in Bitcoin's price in the short term.
However, it is important to note that the one-hour chart has a shorter time frame, and market volatility may be greater, so the strength and duration of the rebound may also be affected. Overall, Bitcoin's price is currently weak, but there is still potential for a rebound. Today, Bitcoin is primarily focused on short positions, with rebounds as a supplement.
In summary, the expert provides the following suggestions for reference
Short Bitcoin below 69000, targeting 67600 and looking down to 66850, with a stop loss at 69550.
Giving you a hundred percent accurate advice is not as good as providing you with the right mindset and trend. After all, teaching someone to fish is better than giving them fish. The suggestion is to earn for a moment, but learning the mindset will allow you to earn for a lifetime! What matters is the mindset, grasping the trend, planning the market layout and position. What I can do is use my practical experience to help everyone, guiding your investment decisions and management in the right direction.
** Written on: (2024-05-24, 04:00)**
