Crypto Master Community: Bitcoin October 31st [Market Analysis]
[Price Trend Analysis]
- K-line Pattern:
The daily level shows that the recent price has been in a continuous downtrend, gradually falling from the high of 114497.8 on October 26 to the current 107964.9. Overall, a clear descending channel has formed.
In the 4-hour cycle, after a significant drop in price on October 30, it is currently in a low-level consolidation phase, failing to effectively break through the previous high of 109665.9.
Technical Indicators:
MACD: The 4-hour MACD continues to show increasing green bars, with both DIF and DEA being negative and diverging downwards, indicating that bearish strength is dominant, but there are signs of weakening.
RSI: The RSI14 value is at 31.6, close to the oversold range, indicating a potential short-term rebound demand, but it has not yet entered a strong zone.
EMA: EMA7, EMA30, and EMA120 are all in a bearish arrangement, with the price running below all moving averages. The proximity of EMA7 to the price may exert pressure on it.
Trading Volume:
Daily trading volume has significantly increased since October 28, especially reaching 163921 on October 29, indicating intensified market selling pressure.
In the 4-hour cycle, the trading volume at 20:00 on October 30 was 53829, the largest single trading volume recently, accompanied by a price crash, showing strong panic selling sentiment.
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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