Trump elected as the 2024 President of the United States, not only winning the Electoral College vote but also the popular vote, leading to a surge in the cryptocurrency market. His strong support for cryptocurrencies has continuously pushed Bitcoin to reach new historical highs, with the overall cryptocurrency market cap increasing by over $200 billion in a single day. The total trading volume of all Bitcoin spot ETFs reached $6 billion on Wednesday, setting a new high since March. Meanwhile, at 3 AM this morning, the Federal Reserve once again lowered interest rates by 25 basis points as expected, with the easing policy encouraging Bitcoin to reach new highs today.

In terms of cryptocurrency, Bitcoin reached a new high of $76,422 yesterday before briefly consolidating downwards, until it started a new wave of upward movement in the evening, climbing to $76,849 around 4 AM this morning, once again setting a historical high. As of the time of writing, it has slightly retreated to around $76,108, with the increase over the past 24 hours narrowing to 1.08%.

Bitcoin 4-Hour Chart

First, according to the Bollinger Bands indicator on the 4H Bitcoin chart, the price is close to the upper band and deviates significantly from the middle band, indicating that it is currently in an overbought area after a strong upward trend, which may face some adjustment pressure. If the price falls below the middle band, it may further test the support area at the lower band.

Second, based on the KDJ indicator on the 4H Bitcoin chart, both the K and D lines are operating at high levels, showing that Bitcoin's price is in an overbought state and may experience a pullback at any time. If the three KDJ lines cross downwards to form a death cross, the likelihood of a pullback will increase.

Finally, according to the MACD indicator on the 4H Bitcoin chart, the DIF and DEA lines show signs of convergence at high levels, and the MACD histogram is gradually shortening, indicating that the upward momentum in the market is weakening. If the DIF and DEA lines form a death cross at high levels, the price may show a downward trend in the short term.

Bitcoin 1-Hour Chart

First, according to the Bollinger Bands indicator on the 1H Bitcoin chart, the price is located between the middle and upper bands, operating close to the middle band. The upper and lower bands are gradually converging, indicating a decrease in volatility, which may lead to consolidation in this area for some time. If the price effectively breaks below the middle band, it may further approach the lower band.

Second, based on the KDJ indicator on the 1H Bitcoin chart, both the K and D lines show overbought signals at high levels, indicating that the current market is in an overbought state and may pull back at any time. If the K and D lines cross downwards to form a death cross, the risk of a pullback will further increase.

Finally, according to the MACD indicator on the 1H Bitcoin chart, the current DIF and DEA lines are at relatively high positions, but the two lines are close together, and the MACD histogram has turned from red to green, indicating that the upward momentum is weakening. If the DIF line crosses down through the DEA line to form a death cross, it can further confirm a downward signal.

Comprehensive Analysis: Based on the 4H Bitcoin chart, Bitcoin's trend shows strong upward momentum, but due to multiple indicators indicating overbought conditions, a brief pullback may occur subsequently. According to the 1H Bitcoin chart, the upward momentum of Bitcoin has weakened, and there is a possibility of a pullback or consolidation. In the short term, it is recommended to pay attention to whether the MACD forms a death cross, whether the KDJ's overbought signal continues to decline, and the support effect of the middle band of the Bollinger Bands.

In summary, the following suggestions are provided for reference:

Short Bitcoin near $76,600, targeting $75,600-$75,100, with a stop loss at $77,000.

Giving you a 100% accurate suggestion is not as good as providing you with the right mindset and trend. After all, teaching someone to fish is better than giving them fish; the suggestion is to earn for a moment, but learning the mindset will allow you to earn for a lifetime! The focus is on the mindset, grasping the trend, and planning the layout and position. What I can do is use my practical experience to help everyone, guiding your investment decisions and management in the right direction.

Writing time: (2024-11-08, 19:15)

(Written by - Daxian Talks Coins) Disclaimer: Online publication has delays, and the above suggestions are for reference only. The author is dedicated to research and analysis in the fields of Bitcoin, Ethereum, altcoins, forex, stocks, etc., having been involved in the financial market for many years with rich practical experience. Investment carries risks; please proceed with caution. For more real-time market analysis, please follow the official account Daxian Talks Coins for discussion and exchange.

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