The Great Immortal said about the coin: Is there still hope for Bitcoin to usher in a new round of explosion on August 30?

Since Bitcoin reached an all-time high of $73,000 in March this year, it has consistently lacked upward momentum, and the market's multiple declines have gradually dampened investors' enthusiasm, leading to doubts about whether Bitcoin still has the potential for a new surge.
In this regard, Daxian believes that against the backdrop of the Federal Reserve likely starting interest rate cuts in September, all current pullbacks in the U.S. stock market and cryptocurrency market will be temporary. Powell's recent remarks have been relatively dovish, and he has clearly stated that it is time to lower interest rates. Although there are only three interest rate decisions left this year, the market currently anticipates four rate cuts in 2024. As Powell and the Federal Reserve initiate the rate cut cycle, the increase in global liquidity will ultimately drive up risk assets, with cryptocurrencies being the first to benefit.
Bitcoin rebounded to around $61,144 yesterday, then entered a phase of fluctuating decline, but it did not break below the previous low of $57,778. As of the time of writing, the price is $59,537, down nearly 0.24% in the last 24 hours.
Bitcoin 4-hour chart

First, according to the Bollinger Bands indicator on the 4H chart of Bitcoin, the current price is between the middle and lower bands, close to the middle band. This indicates that there is a possibility of a rebound to the middle band or even the upper band in the short term. The upper and lower bands are expanding, indicating increased market volatility.
Second, based on the KDJ indicator on the 4H chart of Bitcoin, the K-line and D-line values show signs of moving up from the bottom, and the J-line has already bottomed out and rebounded. This suggests that there may be a rebound in the market in the short term. However, it should be noted that the current rebound strength is not strong enough, and there may be a period of fluctuation before the rebound begins.
Finally, according to the MACD indicator on the 4H chart of Bitcoin, the DIF line has crossed below the DEA line in the previous few periods, forming a death cross. Currently, the two lines are tending towards a flat position, and the MACD green histogram has turned from green to red, indicating that selling pressure is weakening. If the red histogram continues to grow, the price may experience a rebound.
Bitcoin 1-hour chart

First, according to the Bollinger Bands indicator on the 1H chart of Bitcoin, the price is currently between the middle and upper bands, close to the upper band, indicating some upward pressure. The upper and lower bands are currently slightly flattening, suggesting that market volatility is relatively reduced, and a consolidation pattern may appear in the short term.
Second, based on the KDJ indicator on the 1H chart of Bitcoin, all three KDJ values are in the overbought region at high levels, and the J-line has turned downwards, indicating potential risks of a pullback or consolidation in the short term.
Finally, according to the MACD indicator on the 1H chart of Bitcoin, the DIF line is gradually approaching the DEA line but is still below the zero axis. The MACD red histogram has started to appear but is relatively short, indicating that bullish strength is beginning to increase, but it is still not strong enough. If the DIF line continues to rise and crosses above the DEA line to form a golden cross, this would be a bullish signal. However, it should be noted that the current MACD pattern is still below the zero axis, suggesting that the rebound may be limited.
In summary, based on the analysis of the 4H chart of Bitcoin, the KDJ indicator shows signs of a bottoming rebound, and the MACD green histogram is shortening, which means that Bitcoin's price may experience a certain rebound in the short term. However, since the price is still between the middle and lower bands of the Bollinger Bands, there is still a downside risk in the market, and the rebound may face resistance. According to the 1H chart of Bitcoin, the KDJ indicator is in the overbought zone, and the upper band of the Bollinger Bands is applying some pressure on the price, suggesting that Bitcoin may experience some adjustments or sideways consolidation in the short term. Although the MACD indicates that bullish strength is increasing, it is still not strong enough, and more confirmation signals are needed in the short term.
Based on the above, Daxian offers the following suggestions for reference:
Go long on Bitcoin at 58,700-59,000, with a target of 60,300-60,800, and a stop-loss at 58,300.

Time of writing: (2024-08-30, 19:30)
(Written by - Daxian Says Coin)