The Great Immortal said: 9.9 Bitcoin has been plummeting due to data influence! Will it break a new low again this week?

Due to the impact of the U.S. non-farm payroll data in August, which has intensified market concerns about a recession in the U.S. economy, Bitcoin plummeted from around $57,000 on Friday, hitting a low of $52,550 on the 7th, marking a new low since August 5. However, after 6 AM today, Bitcoin started to fluctuate upward from $54,400, and as of the time of writing, it is quoted at $55,223, up 1.46% in the last 24 hours.
In the past 24 hours, driven by the rise in Bitcoin, the total liquidation amount of cryptocurrency contracts across the network reached $101 million, with short positions accounting for $76.3 million, affecting over 29,000 people.
Bitcoin 4-hour chart

First, according to the Bollinger Bands indicator on the 4H chart of Bitcoin, the current price is close to the middle band. If it can effectively break through and stabilize above the middle band, the market may sprint towards the upper band. This indicates that the market is in a dynamic adjustment phase, with the upper and lower bands of the Bollinger Bands expanding outward, suggesting that future market volatility will increase.
Subsequently, based on the KDJ indicator on the 4H chart of Bitcoin, both the K line and D line values are above 70, with the J line value exceeding 90, indicating that the market is in an overbought area, which means there is a risk of a pullback in the short term.
Secondly, according to the MACD indicator on the 4H chart of Bitcoin, the DIF and DEA lines have started to turn upward below the zero axis, indicating that market sentiment is shifting from bearish to bullish. Meanwhile, although the MACD's green histogram is still below the zero axis, it is gradually shortening, suggesting that the downward momentum of the bearish trend is weakening. This could be a signal that the market is about to reverse.
Finally, according to the RSI indicator on the 4H chart of Bitcoin, the RSI value is around 50, indicating that the buying and selling forces in the market are relatively balanced, with no obvious overbought or oversold signals. However, the RSI rebounded from the oversold area earlier, indicating that buying pressure has increased, but whether this can be sustained remains to be seen.
Bitcoin 1-hour chart

First, according to the Bollinger Bands indicator on the 1H chart of Bitcoin, the current price is approaching the upper band of the Bollinger Bands. This phenomenon usually indicates that the market is accumulating upward momentum; however, a lower shadow has appeared in the price trend, suggesting that the market will encounter some resistance in the short term. If the price is blocked here, it may pull back to the vicinity of the middle band. The expanding upper and lower bands of the Bollinger Bands indicate that market volatility is increasing, and if the price can successfully break through the upper band, it may rise further.
Subsequently, based on the KDJ indicator on the 1H chart of Bitcoin, the K line and D line values are close to 70, while the J line value has exceeded 80, indicating that the market is currently in an overbought state, which may pose a pullback pressure, and the price may adjust downward to digest the high-level pressure.
Secondly, according to the MACD indicator on the 1H chart of Bitcoin, the DIF line is approaching the DEA line from below and has formed a death cross, indicating that the price will experience a pullback in the short term. The MACD histogram is red, indicating that upward momentum still exists in the short term; however, the red histogram has started to gradually shorten, suggesting that bullish momentum is weakening.
Finally, according to the RSI indicator on the 1H chart of Bitcoin, the RSI value is currently above 60, nearing the overbought zone, indicating that buying pressure in the market is strong in the short term. However, this also suggests that the market may face some pullback risks in the short term.
In summary, Bitcoin is currently in a short-term rebound phase, but the upward momentum may face resistance. The KDJ shows overbought risks, and the price may experience a brief pullback. The MACD indicates that the downward momentum is weakening, which may soon form a buy signal. The Bollinger Bands indicate significant market volatility, and if the price can break through the middle band, it is expected to rise further. The RSI shows that the market is still in a relatively neutral position, and future trends may need to wait for clearer signals.
Based on the above analysis, the following suggestions are provided for reference:
Short Bitcoin near $55,700, targeting $54,500-$53,600, with a stop loss at $56,200.
Time of writing: (2024-09-09, 20:40)
(Written by - Daxian Says Coin)