The Great Master said: On August 27, Bitcoin fell below the 63,000 mark. Is it a pullback or a reversal?

Bitcoin experienced selling pressure after briefly breaking through $65,000 at 7 AM on Monday morning, continuing to oscillate downwards. As of the time of writing, it has fallen below the second take-profit point of $62,300 mentioned in yesterday's article, with a decline of 3.18% in the past 24 hours.
Ethereum's trend is similar to Bitcoin's, also showing a downward oscillation yesterday. As of the time of writing, it is priced at $2,638, with a decline of 3.33% in the past 24 hours.
Bitcoin 4-hour chart
First, according to the Bollinger Bands indicator on the 4H chart of Bitcoin, the current price is operating below the lower band, indicating significant downward pressure. It may continue to test the support at the lower band. The expansion of the upper and lower bands suggests that market volatility will increase in the future.
Second, based on the KDJ indicator on the 4H chart of Bitcoin, the K-line and D-line are in the oversold region, and the J-line is in the negative area, indicating that the market is severely oversold. There may be a demand for a rebound in the short term; however, since all three KDJ lines are at relatively low positions, the rebound strength may be limited.
Finally, according to the MACD indicator on the 4H chart of Bitcoin, the DIF line has crossed below the DEA line on the 0 axis, forming a death cross, indicating that the market is in a downtrend. The MACD green histogram is gradually increasing, suggesting that the bearish strength is beginning to strengthen.
Bitcoin 1-hour chart
First, according to the Bollinger Bands indicator on the 1H chart of Bitcoin, the upper and lower bands are gradually expanding outward, indicating that market volatility is increasing. The current price is near the lower band, showing some downward pressure, and it may continue to test the support below the lower band.
Second, based on the KDJ indicator on the 1H chart of Bitcoin, the K-line and D-line are operating in the oversold region, indicating that the market is in a severely oversold state. The J-line is in the negative area and shows slight signs of turning upwards, suggesting a possibility of a rebound in the short term.
Finally, according to the MACD indicator on the 1H chart of Bitcoin, the DIF line is operating below the 0 axis and continues to be below the DEA line. The MACD green histogram is continuously increasing, indicating that the market is in a clear bearish trend. The gap between the DIF line and DEA line is continuously widening, suggesting that the downward trend may continue.
In summary, the analysis of the 4H chart indicates that Bitcoin still faces downward pressure in the short term, and the price may continue to test the support at the lower Bollinger Band. However, since the KDJ indicator shows that the market is severely oversold, a rebound may occur in the short term. The analysis of the 1H chart also indicates that Bitcoin still faces downward pressure in the short term, but due to the KDJ indicating that the market is severely oversold, there may be a slight rebound. However, the strong bearish trend indicated by the MACD suggests that the strength and duration of the rebound may be limited.
Based on the above, the following suggestions are provided for reference:
Short Bitcoin below $63,000 with a target of $61,900-$61,400, and a stop-loss at $63,455.

　　　　　　　Time of writing: (2024-08-27, 19:00)