Crypto Master Community: Bitcoin October 17th [Market Analysis]
[Price Trend Analysis]
- K-Line Pattern:
The daily level shows a rebound after a recent continuous price decline, forming a small bullish candle on October 17th, but overall it remains in a downward trend.
On the 4-hour timeframe, the price faced resistance and retreated around 109240, with the current K-line showing a state of consolidation without breaking through key resistance levels.
Technical Indicators:
MACD: The 4-hour MACD histogram remains negative, with both DIF and DEA trending downward, indicating that bearish forces are dominant; however, there are signs of volume contraction in the short term, which may lead to a consolidation phase.
RSI: The 4-hour RSI value is 37.95, close to the oversold zone, indicating a potential technical rebound demand in the short term, but it has not yet entered a strong zone.
EMA: The price is below EMA7, EMA30, and EMA120, indicating a generally weak trend. The death cross between EMA7 and EMA30 further confirms the short-term downward trend.
Trading Volume:
The daily trading volume has significantly shrunk compared to previous days, indicating a cautious market sentiment and reduced capital inflow.
The trading volume on the 4-hour timeframe is gradually weakening, showing that both bulls and bears are temporarily on the sidelines, lacking a clear direction.
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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