In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the BITCOIN for July 10, 2024.
Key Takeaways
- Powell’s dovish speech: The U.S. unemployment rate exceeded 4% for the first time in more than two years in May. At another hearing on Tuesday, Powell told the Senate that recent employment data “sent a fairly clear signal that labor market conditions have cooled significantly,” and said the Fed’s “likely direction” is to cut interest rates.
- Bitcoin price correction: The German government has been shipping recently, according to the blockchain address related to the German government. Previously, the account had more than 60,000 bitcoins; recently, less than 23,000 were sold, and they are still being sold daily. This wave of selling has triggered a recent continuous decline in Bitcoin prices.
Technical Analysis
Daily Chart Insights
- Stochastic Oscillator: After the indicator issued a bullish signal in the oversold area on July 1, the fast and slow lines yesterday also crossed the 50 median line, clarifying the upward trend.
- Support and resistance: Bitcoin price broke through the key resistance price of 4.5626 yesterday. If it falls back today, pay attention to the red area, which is also near the 65-day black moving average. If it continues to rise, look at the first target near 4.6576.
1-Hour Chart Insights
- Stochastic Oscillator: The indicator sends a short signal in the overbought area, but the Bitcoin price is still in an upward divergence trend during the current Asian session, suggesting that there is a probability that the Bitcoin price will continue to consolidate in the short term.
- Retracement price: Although the Bitcoin price has retreated to yesterday’s high, it is still necessary to be vigilant about whether it will further correct the previous fierce rise. Pay attention to the red 33-period moving average below.
Pivot Indicator
- According to the trading central in Ultima Markets APP, the central price of the day is established at 57310,
- Bullish Scenario: Bullish sentiment prevails above 57310, first target 59070, second target 59600;
- Bearish Outlook: In a bearish scenario below 57310, first target 56440, second target 55920.
Conclusion
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Disclaimer
Comments, news, research, analysis, price, and all information contained in the article only serve as general information for readers and do not suggest any advice. Ultima Markets has taken reasonable measures to provide up-to-date information, but cannot guarantee accuracy, and may modify without notice. Ultima Markets will not be responsible for any loss incurred due to the application of the information provided.
