As a senior figure in the cryptocurrency circle, I have been deeply involved in this charming and challenging field for many years. Having experienced the ups and downs of the cryptocurrency circle and witnessed the rise and fall of numerous currencies, I have accumulated rich practical experience and unique market insights. Investment is a long-term practice, and the cryptocurrency circle is no exception. Only by maintaining a learning mindset and constantly improving one's cognitive and judgment abilities can one steadily move forward in this challenging field.
Yang's Analysis of Bitcoin Market on August 17, 2024
The daily price of Bitcoin is near 58,000, and the market has been oscillating around the 60,000 mark for several days, dropping to 56,000 and rebounding for recovery. The key point going forward is whether it can break through the EMA26. The MACD is under pressure with no increase or decrease, and the two lines remain negative. The coin price is running below the middle track of the Bollinger Bands. If the market wants to continue to rise, it needs to firmly establish support at the middle track.
On the four-hour chart, the price was rejected at 59,000 with a bearish close yesterday. Currently, we have observed that the MACD is shrinking in volume and increasing in funds, forming a bullish divergence. The Bollinger Bands are parallel with increasing volume, KDJ is spreading upwards, and DIF and DEA have formed a golden cross. Currently, the bullish signal is relatively strong.
Short-term strategy:
Long in the range of 58,300 to 58,700, with a target of 61,200 and a stop loss of 500 points.
Short in the range of 61,800 to 61,300, with a target of 60,000 and a stop loss of 500 points.
Disclaimer: The analysis and insights provided in this article are solely the author's personal opinions and do not constitute specific operational guidance. Any profits or losses resulting from acting on this information are the sole responsibility of the individual. Investment carries risks, so please exercise caution when entering the market.
This article is exclusively planned and published by Yang. If you want to learn more about real-time investment strategies, spot contract trading techniques, and operational skills, you can consult the author for learning and communication. With years of focus on BTC, ETH, and altcoin spot contracts, I hope to help you achieve brilliant results!
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