Crypto Master Community: Bitcoin October 6th [Market Analysis]
[Price Trend Analysis]
- K-line Pattern:
The daily level shows that the recent price has been continuously rising, forming multiple bullish candles, but the high of 125708.42 on October 5th failed to break through the previous resistance level, indicating signs of a pullback.
In the 4-hour cycle, a long upper shadow was formed from 12:00 to 16:00 on October 5th, indicating strong selling pressure above; subsequently, the K-line gradually contracted, showing a state of consolidation.
Technical Indicators:
MACD: In the 4-hour cycle, both DIF and DEA are below the zero axis, and the MACD histogram is turning from negative to weakening, indicating insufficient momentum in the short term. The daily level MACD remains in the positive area, but the red bars are shortening, and there is a need to be cautious of trend reversal risks.
RSI: The 4-hour RSI has gradually retreated from the overbought zone (81.36) and is currently at 63.07, showing a weakening of bullish strength. The daily RSI remains around 70, close to the overbought zone, which may face adjustment pressure.
EMA: The current price is operating below EMA7, and the distance between EMA7 and EMA30 is narrowing, indicating a potential death cross; EMA120 is far below the current price, and the long-term trend remains bullish.
Trading Volume:
The daily trading volume on October 5th significantly increased to 20574, corresponding to the high point after the surge, indicating that funds began to disperse after concentrated inflow.
The 4-hour trading volume has gradually decreased since 12:00 on October 5th, with market sentiment becoming cautious and a strong wait-and-see atmosphere.
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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