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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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From the four-hour chart, the Bitcoin price has shown three consecutive bearish candles, retreating to the middle band of the Bollinger Bands. All technical indicators also show a downward trend. However, the middle band of the Bollinger Bands demonstrates a strong support role, preventing further declines in price. This situation reserves potential momentum for a possible rebound in the future.
On the hourly chart, the price of Bitcoin shows a stepwise downward trend, but it has currently displayed signs of a stop in the fall. The Bollinger Bands are extending in a parallel state, and the three lines of the KDJ indicator have all turned upwards after entering the oversold zone, gradually tending to converge, with a golden cross signal likely to form. This indicates that the downward momentum is gradually dissipating, and a rebound may occur in the short term.
Based on the above analysis, it is recommended that investors pay attention to the support level around $116,000. If this level holds, a rebound may occur, with the target price looking towards $118,000.
It is important to remind that the cryptocurrency market carries high risks, and investors should operate cautiously and manage risks well. At the same time, technical analysis is for reference only and should not be the sole basis for investment decisions. Investors also need to combine fundamental factors, market sentiment, and other information to develop investment strategies.