Cruising the Crypto Sea: 8.13 Bitcoin (BTC) Market Analysis Reference:
Recently, Bitcoin ended its upward range movement and entered a phase of consolidation and downward correction. On the daily chart, it has closed bearish for three consecutive days. The current price is 63,400, already below several short-term EMA lines, showing clear signs of pressure. The upper band of the Bollinger Bands is pressing downward, the MACD indicator’s DIF has crossed below the DEA to form a death cross, bearish momentum is being released slowly, the KDJ is turning downward and diverging, and the RSI is also gradually declining, showing a noticeable weakening in bullish strength. The previous low of 62,228 forms an important support, and there is heavy selling pressure around 65,400 above. For now, the market lacks the sustained momentum to move higher and is overall showing a weak, consolidative pattern.
The weakness is even more apparent on the 4-hour chart, with the price persistently running below all short-term EMA lines, which have shifted from support to resistance. The Bollinger Bands are opening downward, with the price hovering near the lower band. The MACD remains below the zero line, showing the bearish trend has not reversed. Although the KDJ indicator is in the lower region, there are no signs of stabilization yet. There is still room for the price to explore further downward, though the previous low provides strong support. After another drop, there may be a chance for a rebound, but the sustainability of any recovery is doubtful, as it is likely to encounter resistance from the overhead moving averages. Therefore, it is not suitable to blindly follow the short side at this stage—wait for the price to retest critical support and observe the buying response. Only if support holds should one consider a short-term rebound trade. If participating in the rebound, do not expect excessive gains, and take profit promptly upon reaching resistance. If support is decisively broken, follow the trend for further adjustment and be sure to manage your positions well, set strict stop-losses, and guard against sudden volatility risks.
Cruising the Crypto Sea: 8.13 Bitcoin Short-Term Reference:
Long: Enter in the 62,200-62,900 range, stop-loss at 500 points, target 63,500-64,500,
Short: Enter in the 65,000-64,200 range, stop-loss at 500 points, target 63,800-62,800,
This article is published with a delay and is time-sensitive. The above analysis and strategies are solely personal views, for reference only. Do not operate blindly!
