From October 22 to 24, 2024, the BRICS Summit was held in Kazan, Russia. This was the first summit held since the member countries expanded to 9 in January. Besides political topics, Russian President Putin stated that the dominant role of BRICS nations in the global economy will continue to strengthen, criticizing Western nations' unilateral economic sanctions against Russia, Iran, and other BRICS countries.
At the same time, he proposed the establishment of a BRICS food exchange and a BRICS investment platform, which would help BRICS countries bypass the US-led global financial system for international trade. Although he did not mention whether cryptocurrencies would be used for trade among BRICS member countries, in September prior, Russia officially allowed the use of cryptocurrencies in cross-border transactions and trading. A series of policies reflect the country’s positive shift in attitude, viewing cryptocurrencies as a significant tool to bypass Western sanctions and even for de-dollarization.
In terms of cryptocurrency, Bitcoin hit a low of $65,251 at 2 a.m. on the 24th, reaching the lowest point of the week. However, it quickly rebounded, fluctuating upward, reaching the highest point of the week so far at around $68,850 at about 5 a.m. on the 25th. Regrettably, the suggestions given in yesterday's article resulted in a stop loss, with the price retreating at the time of writing to $68,278, an increase of about 2.24% over the past 24 hours.
Bitcoin four-hour chart
First, based on the Bollinger Bands indicator in the Bitcoin 4H chart, the Bitcoin price quickly fell back after hitting the upper band, indicating that the current market is in an upward trend. However, the upper band exerts some pressure on the price. If the price continues to operate above the upper band, there will be further upward space. Conversely, if it encounters resistance at the upper band and falls back, it may retest the middle or even lower band.
Secondly, based on the KDJ indicator in the Bitcoin 4H chart, the K and D line values are in the high zone, and the J line value is already in the overbought zone, indicating a potential need for a pullback in the short term. If the KDJ indicator continues to remain in the high zone and flattens, the price may continue to rise. However, if the KDJ indicator forms a death cross downward, the pressure for a pullback will increase.
Finally, based on the MACD indicator in the Bitcoin 4H chart, the DIF line and DEA line are running below the zero axis and have formed a golden cross, accompanied by the MACD histogram turning from green to red and gradually increasing, indicating that bullish strength is strengthening and the price has further upward potential.
Bitcoin one-hour chart
First, based on the Bollinger Bands indicator in the Bitcoin 1H chart, the current price is near the upper band, indicating that the market is in a strong upward trend. However, it is approaching the upper band, which suggests that it may face resistance in the short term. If the price fails to stabilize effectively above the upper band, a pullback may occur, with the middle band likely becoming a short-term support level.
Secondly, based on the KDJ indicator in the Bitcoin 1H chart, the K and D line values are close to the overbought zone, and the J line value is already in the overbought zone, indicating a short-term risk of overbought conditions and potential pullback pressure. If the KDJ indicator forms a death cross at a high level, the likelihood of a pullback will increase.
Finally, based on the MACD indicator in the Bitcoin 1H chart, the DIF line and DEA line have formed a golden cross signal, indicating that bullish sentiment in the market continues. However, the MACD red histogram is gradually shortening, suggesting that upward momentum is weakening, and caution is needed regarding the risk of a pullback in the short term.
In summary, from the Bitcoin 4-hour chart, the potential for continued upward movement is significant, especially supported by the MACD golden cross and the performance of the upper Bollinger band. However, due to KDJ being in the overbought zone, a pullback may occur in the short term. From the Bitcoin 1-hour chart, the market remains in an upward trend but faces some overbought pressure in the short term, particularly as both KDJ and MACD indicators indicate that upward momentum is slowing, possibly leading to a slight pullback.
Based on the above, Master gives the following suggestions for reference
Buy Bitcoin on a pullback to $67,250-$67,500, targeting $68,300-$68,500, with a stop loss at $67,000.
Instead of giving you a 100% accurate suggestion, it's better to give you the right ideas and trends. After all, teaching someone to fish is better than just giving them fish. The suggestion is to earn for a moment, but the idea learned can help you earn for a lifetime! Focus on ideas, grasping trends, market layouts, and position planning. What I can do is use my practical experience to help everyone, guiding your investment decisions and management in the right direction.
Submission time: (2024-10-25,06:40)
(Article - Master says coins) Hereby declare: Online publication has delays, and the above suggestions are for reference only. The author is dedicated to research and analysis in investment fields such as Bitcoin, Ethereum, altcoins, foreign exchange, and stocks, with years of experience in the financial market and rich practical operation experience. Investment carries risks; proceed with caution. For more real-time market analysis, please follow the master says coins for discussions and exchanges.#盘整行情分析
