Crypto Master Community: Bitcoin October 8th [Market Analysis]

[Price Trend Analysis]

1. K-Line Pattern:

   • The daily level shows a large bearish candle formed on October 7th, with the price retreating from a high position, breaking below the previous support area, presenting a clear bearish engulfing pattern.

   • In the 4-hour cycle, a slight rebound has occurred after a recent continuous decline, but overall it remains in a weak oscillating pattern.

2. Technical Indicators:

   • MACD: In the 4-hour cycle, both DIF and DEA are diverging downwards, with green bars continuing to expand, indicating that bears dominate in the short term; the daily MACD death cross has formed, with momentum gradually weakening.

   • RSI: The 4-hour RSI value is 45.7, close to the neutral weak range, not entering the oversold state; the daily RSI operates below 50, indicating a relatively pessimistic market sentiment.

   • EMA: The current price of 121599.9 is below the 4-hour EMA7 (123099.5) and EMA30 (122122.4), and far from EMA120 (117288.3), indicating that the short-term trend remains bearish.

3. Trading Volume:

   • The daily trading volume significantly increased to 140201 on October 6th, then decreased to 124422 on October 7th, indicating a weakening of the long-short game during the decline.

   • In the 4-hour cycle, the trading volume of the recent K-lines has gradually shrunk, showing an increase in market wait-and-see 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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