Crypto Master Community: Bitcoin October 8th [Market Analysis]
[Price Trend Analysis]
- Candlestick Pattern:
The daily chart shows a long lower shadow formed on October 7th, indicating strong buying support at lower levels, but overall it is still in a phase of consolidation and correction.
The 4-hour chart shows recent prices fluctuating between 121,000 and 124,000, displaying a trend of gradual increase after a rebound, with the latest candlestick being bullish.
Technical Indicators:
MACD: The 4-hour MACD histogram has turned positive from negative, and the fast and slow lines are beginning to converge, indicating further upward potential; however, the daily chart is still in a death cross state, requiring attention to whether it can sustain a volume breakout.
RSI: The 4-hour RSI is at 56.54, not yet in the overbought zone, indicating short-term upward space; the daily RSI is close to neutral levels, with market sentiment being cautious.
EMA: The current price has stabilized above EMA7 (122,628) and is challenging EMA30 (122,194). If it can effectively break through, it will confirm a short-term bullish trend; EMA120 (117,797) is far from the current price, maintaining a long-term upward trend.
Trading Volume:
The daily trading volume on October 8th significantly decreased to 14,361, showing a notable reduction compared to the previous day, indicating limited rebound strength.
The 4-hour trading volume has increased, with the latest cycle at 2,501, showing enhanced short-term capital inflow, pushing prices slightly higher.
Wishing you successful trading!
[The above analysis and strategies are for reference only. Please bear the risks yourself. The article review and publication may have delays, and the strategies may not be timely. Specific operations should follow the real-time strategies of Crypto Master.]
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