Coin Circle Liying: Decrypting the Mid-Autumn Festival on September 16th, is it a short-term pullback or a reversal? Bitcoin and Ethereum's next moves! Latest analysis

Article published on September 16, 2024—14:05

Liying wishes everyone a happy Mid-Autumn Festival

Currently, the price trend analysis from the market shows that the price is forming significant resistance near 60,000 on the 4-hour candlestick chart, with multiple unsuccessful attempts to break through. The candlestick chart shows significant volatility, with a large bullish candle on the 13th followed by a pullback. Technical indicators: Within the 4-hour MACD period, the fast and slow lines (DIF and DEA) are showing signs of a bearish crossover at high levels, indicating a potential short-term pullback. On the daily chart, the MACD is still in the bullish zone, but the red bars are shrinking, signaling a need to be cautious of a trend reversal. Liying believes that after the bullish retracement, the trend will continue to extend.

RSI indicator: The 4-hour RSI is close to 50, and the daily RSI has fallen from the overbought zone to around 60, suggesting a weakening upward momentum. However, the trend indicator EMA shows that the current price is running below the EMA7, and the EMA7, EMA30, and EMA120 are all in a bearish arrangement, indicating further downward pressure in the short term. The trading volume on the 13th saw a significant increase, followed by a gradual decrease in the volume over the next few days, indicating a cooling market sentiment. The recent overall decrease in trading volume, combined with the price pullback, shows insufficient fund inflow and a strong market wait-and-see sentiment. It is highly probable that the main force will determine the direction of the market after a consolidation in the range of 58,000 to 58,500.

Today's Liying position prediction (bullish retracement):

Long position at 58,000, add to the position at 57,000, stop loss at 56,500, target at 59,000 to 60,000

Short position at 60,000, add to the position at 61,000, stop loss at 61,500, target at 59,000 to 58,000

Now let's look at the current market situation for Ethereum. Starting with the 4-hour price trend analysis, the current candlestick price is showing significant high-level oscillation above 2400, followed by a rapid decline to below 2300, accompanied by multiple long upper shadow lines and large bearish candles. Liying believes that this is the main force washing the market, with the simple intention of shaking out the weak-willed. The 4-hour MACD indicator shows a bearish crossover below the zero axis, with an increase in bearish bars, indicating a strengthening bearish trend.

The 4-hour RSI has fallen from the overbought zone and is currently in a neutral to weak position, with further downward potential. The daily RSI has also fallen from high levels but has not yet entered the oversold zone. The 4-hour EMA7, 30, and 120 moving averages are in a bearish arrangement, indicating that the price is currently under pressure from the EMA7. The daily EMA30 forms an important resistance level for the price. Liying observes that there is a greater suspicion of shorting in the market, with the current bearish sentiment being too strong, and there is always the possibility of a bullish retracement. Therefore, Liying recommends opening a small long position.

Liying's position reference: (small long position)

Long position at 2250, defend at 2200, stop loss at 2170, target at 2350 and 3450

Short position at 2430, defend at 2460, stop loss at 2480, target at 2350 and 2250

The above is Liying's brief analysis of the current market situation, for reference by investors. Over the past decade, Liying has continuously explored and experienced hundreds of different types of digital assets. In this process, Liying has experienced the brilliance of the bull market and the dimness of the bear market, accumulating countless valuable experiences and profound lessons. As a female trader who has been striving in this challenging field, Liying deeply feels the responsibility to share her insights and hopes to help others with dreams to find their own position in this unpredictable market and embark on their journey to success.

The content of the article is time-sensitive and is for reference only. All risks are assumed by the reader.

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