The first presidential debate of the United States took place at nine o'clock this morning. The Republican candidate and former president, Trump, and the Democratic candidate and vice president, Harris, had their first face-to-face confrontation. The debate opened with a 20-minute session, during which Bitcoin experienced a sharp drop of nearly $1,000, breaking the $57,000 mark.

For both presidential candidates, this debate is crucial as the winner will have a profound impact on the global economy and financial markets. It is well known that Trump is a strong supporter of cryptocurrency, while Harris has not clearly expressed her policy stance on cryptocurrency. However, during the debate that lasted over 90 minutes, neither candidate mentioned cryptocurrency.

After breaking through $58,000 yesterday, Bitcoin began to decline. After accumulating strength above $56,000, it once again broke through $58,000 around 3 a.m. today. However, with the emergence of selling pressure, it quickly experienced a rapid decline to below $57,000 after the debate started at nine o'clock in the morning, reaching a price of $56,530 at the time of writing, with a narrow 0.61% increase in the past 24 hours.

Bitcoin 4-hour chart

The MACD and KDJ death cross on the 4-hour chart of Bitcoin indicates short-term pressure for a pullback, with bearish momentum increasing. The price is close to the middle track of the Bollinger Bands. If it can stabilize and break through the middle track, there will be an opportunity for a rebound. However, if it fails to stabilize effectively, it may further seek support to the downside. The RSI is in the neutral zone, without showing obvious overbought or oversold signals, indicating a possible period of market consolidation in the short term.

Recommendation: In the short term, pay attention to the support role of the 4-hour Bollinger Bands middle track and the further trend of the MACD and KDJ indicators (formation of golden cross or death cross). If the price can stabilize on the middle track and show a reversal signal, consider entering a long position. Conversely, if it continues to weaken, be cautious of the risk of further decline.

Bitcoin 1-hour chart

Looking at the MACD and KDJ on the 1-hour chart of Bitcoin, there may be some rebound momentum in the short term, but it is important to note that the J line value of KDJ is approaching the overbought zone, which may lead to a pullback after the rise. The middle track of the Bollinger Bands forms a key resistance. If the price effectively breaks through the middle track and stabilizes above it, the price may further rise. However, if it fails to break through, it may pull back to near the lower track of the Bollinger Bands. The RSI is in the neutral zone, indicating that the market may maintain a period of consolidation in the short term.

Recommendation: In the short term, pay attention to the breakthrough of the 1-hour Bollinger Bands middle track. If it breaks through the middle track, consider taking a light long position. But if it fails to break through or if the KDJ shows a pullback signal after being overbought, be cautious about going long or consider shorting at high levels.

In summary, the following suggestions are provided for reference:

Short Bitcoin at the rebound to 57,000-57,200, with a target of 55,850-55,500, and a defensive position at 57,600. (All prices are at the time of writing)

Instead of giving you a 100% accurate recommendation, it's better to provide you with the correct mindset and trend. After all, teaching someone to fish is better than giving them a fish. The focus is on the mindset, the grasp of the trend, and the layout and planning of the market. What I can do is to use my practical experience to help everyone make investment decisions and manage operations in the right direction.

Time of writing: (2024-09-11, 20:45)

(Written by "Da Xian Shuo Bi") Disclaimer: The publication on the internet has a delay, and the above suggestions are for reference only. The author is dedicated to research and analysis in the investment fields of Bitcoin, Ethereum, altcoins, foreign exchange, stocks, and has been involved in the financial markets for many years, with rich experience in actual trading operations. Investment involves risks, so caution is advised when entering the market. For more real-time market analysis, please follow the official account "Da Xian Shuo Bi" for discussion and exchange.

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