The Great Immortal said: The timing for the interest rate cut on August 26 has matured, and Bitcoin has risen in response

The Chairman of the Federal Reserve, Jerome Powell, stated at the Jackson Hole Economic Forum on Friday night at 10 PM Beijing time that the timing for interest rate cuts is ripe, which led to a new surge in the crypto market. The price of Bitcoin rose from a low of $60,691 before Powell's speech to a high of $65,000, and as of the time of writing, it is quoted at $63,948, up 4.98% in nearly 48 hours.
Ethereum's trend is similar to Bitcoin, with its price rising from a low of $2,646.82 before Powell's speech to a peak around $2,820, and as of the time of writing, it is quoted at $2,745, up 3.98% in nearly 48 hours.
Bitcoin 4-hour chart
First, according to the Bollinger Bands indicator on the 4H Bitcoin chart, the current price is between the upper and middle bands, and after slightly retracing from a recent breakout above the upper band, this indicates that the market is in a relatively strong state, but there is a certain risk of overbought conditions. If the price can continue to hover near or break above the upper band, there may be a further upward trend; conversely, if the price falls below the middle band, it may retrace towards the lower band.
Second, based on the KDJ indicator on the 4H Bitcoin chart, the current K-line and D-line values are at high levels, and the J-line value has slightly turned downward, indicating that we are currently in the overbought area and may face short-term adjustment pressure. If the J-line continues to cross downward through the K-line and D-line values, a retracement trend can be confirmed.
Finally, according to the MACD indicator on the 4H Bitcoin chart, the DIF line has crossed downward through the DEA line at the 0 axis, forming a death cross, and the MACD green histogram is gradually increasing, indicating that upward momentum is weakening while downward momentum is strengthening, suggesting a need for a retracement in the short term.
Bitcoin 1-hour chart
First, according to the Bollinger Bands indicator on the 1H Bitcoin chart, the current price is near the middle band, and the upper and lower bands are flattening, indicating that the market is in a consolidation phase. The price is fluctuating back and forth between the middle and upper bands without a clear breakout trend. This situation may suggest that the market is waiting for a new directional breakout. In the short term, if the price breaks above the upper band, further upward movement is expected; conversely, if it falls below the lower band, a downward adjustment may occur.
Second, based on the KDJ indicator on the 1H Bitcoin chart, all three KDJ line values are below 50, and the J-line value has crossed downward through the D-line, forming a death cross, indicating short-term downward pressure. This may lead to further retracement or a downward consolidation trend.
Finally, according to the MACD indicator on the 1H Bitcoin chart, the DIF line and DEA line are currently hovering near the 0 axis, and the MACD histogram shows shorter green bars. This indicates that the market's bullish and bearish forces are relatively balanced, with no clear trend direction in the short term. If the DIF line continues to stay above the 0 axis and forms a golden cross, it may signal an upward trend; conversely, if a death cross occurs and stays below the 0 axis, there may be a risk of retracement.
In summary, the Bitcoin 4H level shows that it is currently in a strong but slightly overbought state. If it continues to maintain near the upper Bollinger Band and the MACD remains positive, the price may continue to rise. However, if the KDJ shows a clear death cross and the price falls below the middle Bollinger Band, there may be short-term retracement risks. The Bitcoin 1H level indicates a consolidation trend. The market lacks clear directional signals and may continue to oscillate between the upper and lower Bollinger Bands in the short term. If the KDJ continues downward and the MACD does not show clear upward signals, there may be further retracement risks.
Based on the above analysis, the following suggestions are provided for reference:
Short Bitcoin at 64,000, target 62,800-62,300, with a stop loss at 64,500.

Time of writing: (2024-08-26, 13:30)
(Written by - Daxian Says Coin)