Cryptocurrency Circle Liying: Will Bitcoin Continue to Rise or Plummet on October 1st? Exclusive Interpretation of Market Trends and Latest Insights

Article Published on 2024.10.01—09:20

Liying's two target positions from yesterday have both been reached. The first is the bullish idea at the integer support of 64000, defending the trend support point at 63000. Both of these positions are key supports for short-term indicators, and the demand for a pullback has turned out to be much larger than Liying anticipated, especially at 63000, which clearly has a strong congestion area. While holding, it is essential to prepare for defensive layouts and observe today's market trend.

Currently, the four-hour K-line pattern shows the price oscillating at a high level after a significant drop over the past 30 days, with the previous high around 66000 and the low around 63000. The MACD fast and slow lines on the four-hour technical indicators are below the zero axis, indicating a bearish trend, but there are signs of convergence. The daily MACD is also in the bearish zone, with the four-hour RSI value at 34.3 indicating a certain level of oversold condition, suggesting a possibility of a rebound. Further confirmation is needed to add positions; otherwise, it may be necessary to liquidate.

The trend indicators currently show the price below EMA7 and EMA30, with clear short-term moving average pressure. The long-term EMA120 provides support, indicating that the support is effective, and the market remains optimistic. Therefore, there is no need to overthink; just hold the positions with peace of mind. Looking at the trading volume, the volume on the 30th has expanded to 76459, and the selling pressure has basically ended. As it stands, we will continue with this mindset, as market sentiment is stabilizing in the short term, increasing the probability of bottom consolidation and sideways movement. Liying predicts a sideways market today.

Today's Point Forecast

Current price long, add long at 63000, stop loss at 62500, target 65500.

Short point at 64500, add short at 65000, stop loss at 65500, target 63500.

Reason: Liying's strategy supports effective long positions, with proper stop-loss management, waiting to consider short positions at high levels. Do not chase highs or panic sell. The content of this article is time-sensitive and for reference only; risks are borne by the reader.

The above is Liying's brief analysis of the current market situation for investors' reference. Over the past ten years, Liying has continuously explored and experienced hundreds of different digital assets. Throughout this process, Liying has witnessed the brilliance of bull markets and the gloom of bear markets, accumulating countless valuable experiences and profound lessons along the way. As a female trader striving in this challenging field, Liying feels a responsibility to share her insights, hoping to assist others with dreams in finding their place in this unpredictable market and embarking on their own journey to success.

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