Hello everyone, welcome to Bitwatch. Today I will bring you the latest news, important events, and Bitcoin market analysis on blockchain
Hello everyone, welcome to Bitwatch. Today I will bring you the latest news, important events, and Bitcoin market analysis on blockchain.
That's all for today's blockchain news. Next, I will analyze the market situation of Bitcoin for everyone.
Looking back at yesterday's market situation, Bitcoin slowly rose in the midst of volatility, reaching $27700 at one point, but then rapidly declined until it reached the lowest point of $27100 in the day before starting to rise. Finally, it closed at the highest point of $28000 in the day, successfully engulfing the big negative line of last night and the night before.
Firstly, let's take a look at the daily K line. Yesterday's daily K line closed with a cross star, indicating that Bitcoin has been suppressed by the upper orbit and is still operating in the box.
Next, let's take a look at macd. The macd is still operating above the zero axis with a golden cross, while the kdj golden cross and small amplitude triple are also converging. Next, let's take a look at the four hour chart. The Bollinger belt opens upwards, and the latest K-line is obstructed after touching the upper rail, forming a clear double bottom shape.
Next, let's take a look at macd. Macd gold fork, but the double line may stick at any time, while kdj gold fork. Next, let's take a look at the one hour chart. The price of Bitcoin began to rise from 27100, reaching a maximum of 23820, and then fell back due to obstacles. Currently, it is hovering around the mid track.
From the perspective of technical indicators, MACD's dead fork fast line is turning a corner and is expected to form a golden cross, while KD indicators also show an upward trend.
Today, I summarized the market situation of Tecoin.
At a large level, we need to pay attention to recent trends. Bitcoin did not perform well after reaching 28000 on October 2nd, and after some pulling, it broke through the previous high of 28100, before falling back again. In recent days, it briefly rose to 28000 and then fell back, indicating a significant amount of selling pressure above. Since August 18th, Bitcoin has been in a downward trend and did not perform well on its first stand of 28000, but was subsequently suppressed by bears.
On October 2nd, Bitcoin encountered the bottom of the consolidation zone at the position of 28500, but its performance above 28000 was not good, and the selling pressure above was very severe. I still insist on my view that the price of Bitcoin will continue to rise. Next, Bitcoin forms an uplink channel in the 4-hour graph.
Generally speaking, the upward channel is bearish, but it can also serve as a reference. It's currently a weekend, and the market usually fluctuates little on weekends. I think Bitcoin will encounter resistance above, so the market may fluctuate in the box over the weekend. When running within the range, there is still room for Bitcoin to rise, but not very much. I prefer to see it as a test of support in the 26800-27000 range below, as the special currency rises but is hindered and falls back.
There may be three possible trends today: firstly, Bitcoin continues to rise. If it is strong, it may rise to around 28500, but it is likely to fall; Secondly, Bitcoin may go sideways without rising or falling; Thirdly, Bitcoin fell below the neckline of 27900 and tested the support below. At present, we need to focus on the resistance level above the range of 28500 and the support level below 27000. If the range is broken, we can sell high and buy low, but if it is broken, we need to continue observing the market before deciding on the next step.
The current market has the phenomenon of false breakthroughs and false falls, so we need to be cautious. When a certain market situation occurs, we will proceed with the operation.
I briefly analyzed the market situation of Ethereum. From the daily chart, Ethereum is facing a selling pressure of 1740, and on October 2nd, Ethereum's daily level negative column directly consumed the gains on October 1st, forming a bearish swallow pattern, leading to increased market panic. In recent days, Ethereum has been in a downward trend and has shown a very weak performance.
The above is my analysis of today's market situation.
The above suggestions are for reference only. Investment carries risks and caution is required when entering the market. The market is constantly changing, and the specific operations are mainly based on real-time strategies.
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