Yesterday at noon, BTC continued to rise on the hourly level, extending towards the upper edge of the hourly level center, reaching a high of 61400 points. After oscillating above 60000 for several hours, around 10 o'clock in the evening, it failed to break through and was once again suppressed by the bears. Currently, the price has returned below 60000 and continues to oscillate.
During the live broadcast last night, it was mentioned that BTC would experience a downward correction in the 15-minute timeframe, but the magnitude of the correction exceeded expectations. Looking at the daily candlestick chart, since the upward push to 62000 on August 8th, there have been consecutive days of unsuccessful attempts to break through the 62000 mark, with the bulls once again failing to make progress. Especially today, the daily candlestick formed a long upper shadow, which is another blow to the bulls, indicating the need for a short-term downward correction to gather strength. In addition, the daily MACD is still below the zero axis, and for the bulls to regain control, they need to produce a bullish candlestick.
On the hourly timeframe, the current situation is still an oscillation within the hourly center, with no clear winner between the bulls and bears. With the unsuccessful upward push, there is an expectation for a downward correction on the hourly level, and the probability of a downward push towards the lower point of the center at 56078 is not small. Therefore, it is necessary for short-term traders to prepare in advance.
The above analysis is for reference only and does not constitute any investment advice!
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