Analysis and Trading Reference for Bitcoin (BTC) on August 5 (Writing Time: 0:01)
The current price of Bitcoin is around 115,000. From the daily candlestick chart, the candlestick has formed support at the EMA60 position mentioned by Hongjie the previous day. Therefore, early entry for long positions is advisable. In the evening, the market rebounded above the EMA30, resulting in a stagnation phenomenon. It is recommended that holders of long positions can reduce their holdings to take some profits. The bullish arrangement of the EMA moving averages and the bullish engulfing pattern create a bullish resonance, but the extremely low trading volume weakens the signal's strength. The shrinkage in trading volume leads to an unhealthy price-volume relationship, and the price may further decline. Currently, the key areas on the daily chart are whether the EMA30 and EMA15 can further break through to the middle track position. If short-term pressure continues, there will be another pullback to the BOLL lower track position. In the MACD, the DIF and DEA lines are converging, and the red histogram shows a negative value with reduced volume. In the short term, bulls have an advantage, while in the KDJ, the three lines are about to converge but have not risen to the neutral zone, indicating a selective direction in the market. The short-term RSI is above 20 and moving upwards but has not entered the overbought territory, so caution is needed for a second pullback to the oversold area. The short-term EMA line is moving downwards, the mid-term EMA line is compressing, and the long-term remains in a bullish arrangement. In summary, it is recommended to buy on the second pullback for stability! The middle track of the daily line and the upper track of the 4H chart can serve as selling points for short positions!
Selling Points:
- Short at ≥117,200, stop loss above 118,300; take profit at 115,600-113,800-112,200; if it breaks below 112,000-117,000, it can be held.
Buying Points:
- Long at ≤112,400, stop loss below 111,700; take profit at 114,000-115,500-116,100; if it breaks above 116,500, it can be held to around 117,200.
The article review and push have delays; the above points are for reference only. Please grasp the timing of buying and selling yourself, and ensure proper risk control when entering the market. Do not operate with heavy positions! Thank you for reading!
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Thus, our journey in the crypto world begins to move towards a broader new starting point, and it is by no means an endpoint, as the road is still long and must be walked step by step! The ocean of the crypto world is vast and boundless, filled with opportunities and challenges. I hope you will always maintain a thirst for knowledge and a spirit of exploration in the days to come.
Remember, the crypto world is not just about numbers and charts; it is an art about humanity, decision-making, and the future. In investing, maintain rationality and calmness, do not be swayed by short-term fluctuations, and view the market with a long-term perspective. Keep learning and enhance your professional skills. Knowledge in the financial field is constantly updating; only through continuous learning can you keep pace with the times and seize every opportunity. Be brave to try and innovate. Do not fear failure, as every failure is an opportunity for growth. In the world of crypto, the brave often carve out their own territory. Finally, may you all shine on the stage of the crypto world and realize your value and dreams. Wherever and whenever, Hongjie cheers for you and looks forward to your wonderful performance. Hongjie wishes everyone a smooth journey in the crypto world, returning with a full load!
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