Cryptocurrency Scholar: 6.7 Bitcoin Latest Market Analysis and Trading Suggestions

The current price of Bitcoin is 60580. On the daily chart, Bitcoin has been continuously declining from the high of 126208. The current price is 60500, near the 100% Fibonacci expansion level of 59080. The lower Bollinger Band is continuously opening, with the price fully breaking below the lower Bollinger Band, showing a clear downward trend. The EMA moving averages are completely arranged southward, with the 15-day, 30-day, and 60-day moving averages continually pressing down, and the price is far below all moving averages. The MACD indicator's DIF and DEA are below the zero axis with a death cross, and green bars are continuously increasing, indicating that the downward momentum has not yet weakened. It is difficult to see strong reversal signals in the short term, and the overall situation is in a deep downward channel.

The four-hour K-line started a unilateral decline from the high of 82828 and is currently fluctuating around 60500, within the Fibonacci expansion range of 0%-23.6% between 59080-64684. The EMA moving averages are in a steep downward arrangement, with the 15-day, 30-day, and 60-day moving averages continuously heading downwards, and price rebounds are obviously under pressure. The Bollinger Band is opening downwards, with prices closely following the lower band. The MACD indicator's DIF and DEA are below the zero axis; although there are signs of a golden cross, the momentum is insufficient, and the shortening of green bars shows that the decline is slowing, but no effective rebound has formed. In the short term, it is in a weak oscillation phase after an oversold condition.

Short-term thinking reference: Follow the major cycle trend, small stop-loss, quick entry and exit.

For positions at 59000 to 58500 going north, stop-loss at 58000, target looking at 60000 to 61500.

For positions at 63000 to 63500 going south, stop-loss at 64000, target looking at 61500 to 60000.

Every major drop has someone saying, "This time it's different," but looking back every time, it is just normal market fluctuations. Don't be confused by short-term ups and downs, and don't listen to those "immediate doubling" stories. In the end, what matters in trading is not who can predict accurately, but who can survive longer. In the current market, staying alive is more important than anything else; don't force yourself into a dead end just to recoup losses. Take it slow; the market will always give you opportunities.

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