The cryptocurrency market, which trades continuously 24 hours a day, 365 days a year, has once again experienced an astonishing surge. Although the price briefly dipped to $78,500 at midnight today, a subsequent strong bullish candle pushed the price to a new all-time high of $81,846. As of the time of writing, the price has slightly retreated to $81,750, reflecting a 3.21% increase in the last 24 hours.

Bitcoin Daily Chart

First, looking at the Bollinger Bands indicator on the Bitcoin daily chart, the price has broken through the upper band, and the market is operating above the Bollinger Bands, indicating a strong breakout signal. However, this also means that the market has entered an overbought state. At the same time, the three bands of the Bollinger Bands are expanding, increasing volatility, suggesting that a market correction or consolidation may occur.

Second, analyzing the KDJ indicator on the Bitcoin daily chart, both the K and D values are in the high overbought region, while the J value is even higher than 100, indicating that the market is currently in an overbought state. Despite the strong upward momentum, this overbought condition may lead to a price correction or consolidation.

Finally, examining the MACD indicator on the Bitcoin daily chart, the DIF line is maintaining an upward trend above the DEA line, and the MACD histogram is continuously growing. This indicates that the current market has strong bullish momentum and is still in an upward trend, but caution is needed for potential top divergence.

Bitcoin Four-Hour Chart

First, looking at the Bollinger Bands indicator on the Bitcoin 4H chart, the price has broken through the upper band and is positioned outside the upper band while continuing to rise, indicating that the market is in a strong upward trend. However, caution is needed for the adjustment risks brought by market overheating. The three bands of the Bollinger Bands are all showing an opening state, suggesting that future market volatility will increase.

Second, analyzing the KDJ indicator on the Bitcoin 4H chart, both the K and D values are in the overbought region, and the J value is also above the overbought region of 100, indicating that the market is in an overbought state. There may be a risk of a short-term correction, but in a strong upward trend, the KDJ may remain at high levels for some time.

Finally, examining the MACD indicator on the Bitcoin 4H chart, the DIF line is operating above the DEA line and continues to move upward. At the same time, the MACD histogram is gradually increasing, indicating that there is strong bullish momentum in the short term, and the market has the potential for further upward movement.

In summary, the analysis of the Bitcoin daily chart shows that both the KDJ and Bollinger Bands indicate that the market is in an overbought state, and a short-term price correction or consolidation may occur. However, the growth of the MACD histogram and the breakout of the upper Bollinger Band indicate that the bullish trend in the market remains strong, and the probability of a bullish outlook in the medium term is still high. From the Bitcoin 4H chart, the KDJ is in the overbought region, and the price is outside the upper Bollinger Band, suggesting that a slight correction or consolidation may occur in the short term. However, if the correction is not significant, it may form support and continue to rise. The bullish trend is evident in the MACD, and if the red histogram continues to grow, the medium-term bullish trend is likely to continue.

In conclusion, the following suggestions are provided for reference (by the time of writing, the price has already broken through $82,000, reaching around $82,300, so I’m not sure how to advise T_T).

If Bitcoin corrects to around $80,550, aggressively go long, with a stop loss below $80,000. For take profit, aim for $82,000 to take half profit, and hold the rest for new highs.

A 100% accurate suggestion is not as valuable as providing you with the correct mindset and trend. After all, teaching someone to fish is better than giving them a fish. The goal is to focus on the mindset, grasping the trend, and planning positions. What I can do is use my practical experience to help you make investment decisions and manage operations in the right direction.

Time of writing: (2024-11-11, 18:00)

(Written by - Daxian Says Coin) Disclaimer: Online publication may have 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., with years of experience in the financial market and rich practical trading experience. Investment carries risks, and caution is advised when entering the market. For more real-time market analysis, please follow the official account Daxian Says Coin for discussion and exchange.

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