The great master said: On March 18, Bitcoin fluctuated around 83,000! A major interest rate decision is coming this week!

Bitcoin reached a peak of over $85,000 during the recently concluded weekend, but failed to maintain that level and continue rising. This morning, it dropped again to a low of $81,980, and as of the time of writing, the price is $94,054, with a 24-hour increase of about 1.74%. Other top ten tokens also fell, with Ethereum striving to stay above $1,900, down 1.37% in the last 24 hours. The biggest drop was seen in SOL, currently priced at $128.4, down nearly 6.16% in the last 24 hours.

This week, global financial markets are focused on the upcoming interest rate decision meetings in the United States, the United Kingdom, and Japan. Although the market generally expects the three major central banks to keep interest rates unchanged, the differing economic growth and inflation pressures faced by each country mean that officials' statements and policy hints will be the focal point for the markets.

Bitcoin 4-hour chart

First, according to the Bollinger Bands indicator on the 4H chart of Bitcoin, the current price is near the middle band and has not broken through the upper or lower bands, indicating that the market is still in a consolidation phase. However, the narrowing of the upper and lower bands suggests reduced volatility, which may lead to a change in trend and a potential breakout in the future.

Second, based on the MACD indicator on the 4H chart of Bitcoin, the DIF line and DEA line are near the zero axis, and the MACD histogram is relatively short, showing that the market is in a weak consolidation phase with low momentum. However, there is a trend for the DIF line and DEA line to form a golden cross soon, which, if successful, could lead to a wave of upward movement.

Finally, according to the KDJ indicator on the 4H chart of Bitcoin, the K line and D line values are at moderate levels, not entering obvious overbought or oversold areas, indicating significant uncertainty in the short term. However, the J line value is slightly higher, suggesting a possibility of some upward momentum in the short term. Nevertheless, it is still necessary to observe whether the KDJ indicator will further diverge upwards.

In summary, Bitcoin is currently still in a consolidation range, but the MACD indicator is about to form a golden cross, and the narrowing of the Bollinger Bands indicates a potential breakout. However, the KDJ indicator has not shown any clear signals for upward or downward movement.

Based on the above, here are some suggestions for reference:

Go long on Bitcoin near $83,440, with a stop loss at $82,900, and take profit at $85,100-$85,500. If it breaks, look for $96,000.

Instead of giving you a 100% accurate suggestion, I prefer to provide you with the right mindset and trend. After all, teaching someone to fish is better than giving them a fish. The focus is on the mindset, grasping the trend, and planning the market layout and position. What I can do is use my practical experience to help you, guiding your investment decisions and management in the right direction.

Time of writing: (2024-07-08, 11:25)

(Article by: Master Coin) Disclaimer: Online publication may have delays, and the above suggestions are for reference only. The author is dedicated to research and analysis in the fields of Bitcoin, Ethereum, altcoins, forex, stocks, etc., with years of experience in the financial markets and rich practical trading experience. Investment carries risks; please proceed with caution.