Federal Reserve Chairman Powell made the latest comments last night, expressing satisfaction with the progress of the past year's inflation decline, but still emphasizing the hope to see more progress before having enough confidence to start cutting interest rates. Encouraged by Powell's dovish remarks, all four major U.S. stock indexes closed higher today, with the S&P 500 index reaching a new high above 5500 points, while the Nasdaq index also hit a historic high.

However, in the cryptocurrency market, Bitcoin not only did not receive encouragement, but instead began to decline continuously around 9 am today, dropping to around $59,650 in the afternoon, completely giving back the gains from last weekend. Ethereum also reached a low of around $3,331 at almost the same time, pouring cold water on the market's expectation of a new rebound in July. The price at the time of writing was $60,260.

Bitcoin 4-hour chart

First, according to the Bollinger Bands indicator in the Bitcoin 4-hour chart, the current price has fallen below the lower band, indicating that the price will continue to decline, and the widening of the Bollinger Bands indicates increased volatility, and the market may experience more severe downward trends.

Second, according to the KDJ indicator in the Bitcoin 4-hour chart, all three KDJ lines are in the low range, and the J line has entered the oversold zone, indicating that the price may continue to decline, but also noting the possibility of a rebound.

Finally, according to the MACD indicator in the Bitcoin 4-hour chart, the DIF line and the DEA line are both below the zero axis, and both lines are continuously diverging downwards, indicating strong selling pressure at present, a clear bearish trend, and the MACD green histogram continues to lengthen, showing an increase in bearish market strength.

Bitcoin 1-hour chart

First, according to the Bollinger Bands indicator in the Bitcoin 1-hour chart, the current price is close to the lower band of the Bollinger Bands, and there are signs of a rebound near the lower band, with no significant widening of the Bollinger Bands, indicating relatively stable volatility at present.

Second, according to the KDJ indicator in the Bitcoin 1-hour chart, all three KDJ lines are in the low range, and there are clear signs of a turning point upwards, indicating that buying pressure is beginning to strengthen, and there is a possibility of a short-term rebound.

Finally, according to the MACD indicator in the Bitcoin 1-hour chart, the DIF line and the DEA line are running below the zero axis, and the MACD green histogram is gradually shrinking, indicating a weakening downward momentum, and the market may have the potential for a rebound at any time.

Comprehensive analysis: In the short term, Bitcoin may continue to maintain a downward trend at the 4-hour level, but due to the oversold condition indicated by KDJ, there may be a technical rebound in the near future. The negative value area of MACD and the widening of the Bollinger Bands indicate that there is still significant downward pressure in the market. In the short term, Bitcoin may experience a technical rebound at the 1-hour level. The MACD shows a weakening downward momentum, the KDJ indicator is in oversold condition with signs of an upward rebound, and the rebound near the lower band of the Bollinger Bands also supports this view.

In conclusion, Da Xian provides the following suggestions for reference:

Short Bitcoin at around $60,800 for a target of around $59,500, with a stop loss at $61,200.

Instead of giving you a 100% accurate suggestion, it's better to give you the correct mindset and trend, after all, teaching someone to fish is better than giving them a fish. The suggestion is to focus on the mindset, grasp the trend, and plan the layout and position of the market. What I can do is to provide help based on my practical experience, guiding your investment decisions and management in the right direction.

Drafting time: (2024-07-03, 20:30)

(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 market for many years, with rich experience in actual trading. Investment involves risks, and caution is needed when entering the market. For more real-time market analysis, please follow Da Xian Shuo Bi for discussion and exchange.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。