The Great God said: On October 24, the three major U.S. stock indexes experienced their largest decline in several weeks! Bitcoin may be affected and continue to drop

On Wednesday Eastern Time, the US stock market opened lower and continued to decline, with all three major indices recording their largest drop in weeks, with the Nasdaq down 1.6%. By the close, the Dow Jones index fell 0.96%, closing at 42,514.95 points; the S&P 500 index dropped 0.92%, closing at 5,797.42 points; and the Nasdaq index decreased by 1.60%, closing at 18,276.65 points.
**　　In the cryptocurrency sector, possibly affected by the downturn in US stocks, the price of Bitcoin fell from a high of $67,833 around 6 AM on the 23rd to a low of $65,260 around 2 AM on the 24th, marking the lowest point since mid-month. Meanwhile, the short position around $67,800 suggested in the article on the 22nd successfully took profit at $65,600, achieving a profit of 2,200 points. As of the time of writing, Bitcoin's price has rebounded slightly, quoted at $66,641, down 1.15% in the last 24 hours.**
**　　Bitcoin 4-hour Chart**

**　　Firstly, according to the Bollinger Bands indicator on the 4H Bitcoin chart, the current price is operating between the middle and lower bands, but is closer to the lower band, indicating that the market is currently in a bearish trend. If the price continues to move towards the lower band and breaks below it, there is a possibility of further declines. The Bollinger Bands show slight signs of expansion, suggesting that market volatility may be more intense in the future.**
**　　Secondly, based on the KDJ indicator on the 4H Bitcoin chart, the K line and D line values are in a lower region, and the J line has shown signs of rebound, indicating that the market is currently in an oversold state with a demand for a rebound in the short term. However, the rebound strength of the J line from the oversold area is still insufficient, and if the K line and D line do not form an effective upward trend, the price may continue to fluctuate or decline.**
**　　Finally, according to the MACD indicator on the 4H Bitcoin chart, the DIF line and DEA line are operating below the zero axis and have formed a death cross, indicating that the market may continue to decline in the short term. The continuation of the MACD green histogram also validates the view of sustained short-term market decline.**
**　　Bitcoin 1-hour Chart**

**　　Firstly, according to the Bollinger Bands indicator on the 1H Bitcoin chart, the price of Bitcoin began to rebound after touching the lower band, currently approaching the middle band. If the price can effectively stabilize at the middle band, it may head towards the upper band; however, if it encounters resistance at the middle band, the price will fall again.**
**　　Secondly, based on the KDJ indicator on the 1H Bitcoin chart, the K line has crossed above the D line, and the J line is also at a high level, indicating that there is a rebound force in the market in the short term. However, since the J line is close to the overbought area, caution is needed for short-term pullback risks, especially if the price does not break through the Bollinger Bands middle band.**
**　　Finally, according to the MACD indicator on the 1H Bitcoin chart, the MACD green histogram has begun to shorten, indicating that bearish strength is weakening. The DIF line is gradually approaching the DEA line from below and shows signs of forming a golden cross, suggesting that there may be upward momentum in the short term. If the golden cross forms, the price may rebound further; however, if the golden cross does not form and the MACD green histogram starts to grow again, the price will continue to test lower levels.**
**　　In summary, based on the analysis of the 4H Bitcoin chart, the MACD shows a death cross state, indicating a clear bearish trend, and there is a downward trend below the Bollinger Bands middle band, suggesting that the market may continue to search for support levels. The KDJ is at a low level and has shown initial signs of rebound; if the price rebounds and stabilizes above the Bollinger Bands middle band, a short-term rebound may occur. Based on the 1H Bitcoin chart, the potential golden cross in the MACD and the rebound from the Bollinger Bands lower band indicate that the price may rebound in the short term, but the resistance at the Bollinger Bands middle band may limit the height of the rebound. The KDJ is already at a high position, in an overbought state. If the price cannot effectively break through near the Bollinger Bands middle band, it may fall again.**
**　　In conclusion, the following suggestions are provided for reference**
**　　Short Bitcoin at 66,800-67,000, targeting 65,600-65,260, with a stop loss at 67,360.**
**　　Time of writing: (2024-10-24, 07:00)**
**　　(Article by: Daxian Says Coin)**