Biqian Liying: Bitcoin's latest market analysis for August 29th.
Article published on August 29th, 2024, at midnight.
Bitcoin's current market sentiment is relatively bearish, especially in the short term. The recent price trend in the four-hour candlestick shows a clear downward trend. The market panic caused by the sharp decline on the 27th and 28th resulted in selling pressure. The current MACD technical indicator in the four-hour timeframe continues to decline, with both DIF and DEA being negative and the gap widening, indicating a strong bearish signal. RSI is nearing oversold territory in the four-hour timeframe, although there is a rebound trend, the strength of the rebound is not strong. The trend indicator EMA moving averages clearly show a downward trend, with the bearish side having insufficient strength compared to the bullish bid.
In addition, the daily candlestick has been consistently bearish, so most people in the market choose to wait and see. The one-hour fast line is consistently declining, especially as the MACD technical indicator is in the negative zone. However, the DIF line is starting to turn upwards, indicating a possible golden cross, but the potential is limited. The RSI in the hourly timeframe is nearing the oversold range, and there is a risk of a rebound at this time, so Liying does not recommend shorting at this time. The 59000 price level is not suitable for both long and short positions, especially when the volatility increases after the US market opens. Wait for an opportunity to enter the market again.
Liying's point prediction for today.
Long position: Buy at 57000, add at 56000, stop-loss at 55500.
Short position: Sell at 60000, add at 61000, stop-loss at 61500.
The above is a brief analysis of the current market sentiment for reference by investors.
The content of the article is time-sensitive and is provided for reference only. Please bear the risks.