Strength does not need to be overly displayed; the key is to gain recognition from more people. On the investment journey, doing well for oneself is more important than proving one's strength to others. Whether it’s a mule or a horse, you’ll know once you take it out for a walk.

As a veteran in the cryptocurrency space, I have always been committed to providing beneficial advice to everyone, hoping that you can avoid detours and mistakes in this market. Although I speak earnestly, the path of investment must still be explored by yourself; learning is endless, and the experiences gained are the true wealth!

Here, I wish my followers financial freedom in 2024. Let’s work hard together!

Cryptocurrency Scholar: Bitcoin (BTC) Latest Market Analysis on 2024.10.2

As the first day of this month opened with a bearish candle, the daily K-line broke below the five major moving average indicators from a high position on the trend line, dropping from 64,100 to just above the 60,000 mark. As of the time of writing, Bitcoin's current price is 61,500. Overall, the daily K-line can only start a bullish trend again after moving back above the EMA15 resistance level of 62,800; otherwise, the bearish trend will continue. After all, the original support of the trend indicators has now become strong resistance, especially at the EMA30 and EMA15 positions.

The technical indicator MACD shows a decrease in volume, with DIF and DEA expanding downwards at a high level, forming a death cross. However, the top divergence trend has not yet ended and still exists. The Bollinger Bands are contracting, with the upper pressure level at 66,900 and the lower support level at 58,200. The short-term balance point is at 62,600, indicating that there will be a stretch in the short term, with a target around the 62,500 mark. The KDJ is expanding downwards into the oversold zone, suggesting a need for a rebound after the drop.

After four consecutive bearish candles, the four-hour K-line has closed with a bullish candle. The EMA15 trend indicator's fast line has crossed downwards through the 30, 60, and 90 major trend lines and is now approaching the EMA120 resistance level of 62,600. There is a need for a short-term pullback, but the space is not very large, so a short-term long position can be taken. The MACD shows a decrease in volume and an increase in positions, with a short-term bottom divergence appearing in DIF and DEA, while a long-term top divergence shows differentiation. The Bollinger Bands are opening, and the K-line is continuously expanding around the lower track support of 60,800. The KDJ has formed a golden cross at a low level, indicating that there will be a stretch in the short term, but the long-term trend shows a bearish momentum, so the short-term long position should not be held for too long.

Short-term strategy reference: The market is never 100% certain, so always set stop-losses. Safety first; small losses with big gains are the goal.

Sell short from 62,500 to 62,800, targeting 61,500 and 60,800. If it breaks, look at 60,000, with a stop-loss of 300 points.

Buy long from 59,200 to 59,500, targeting 60,000 to 61,000. If it breaks, look at 61,500, with a stop-loss of 300 points.

Specific operations should be based on real-time market data. For more information, you can consult the author. There may be delays in article publication; the suggestions are for reference only, and risks are borne by the reader.

This article is exclusively contributed by the Cryptocurrency Scholar and represents the scholar's unique viewpoint. In-depth research has been conducted on BTC, ETH, DOGE, DOT, FIL, EOS, etc. Due to the timing of the article's release, the above viewpoints and suggestions may not be real-time and are for reference only. Risks are borne by the reader. Please indicate the source when reprinting. Manage your positions reasonably and avoid heavy or full positions. The scholar also hopes that all investors understand that the market is always right. If you are wrong, you should summarize where the problem lies. Do not let the profits that should be yours slip away. There is no need to be smarter than the market; when a trend comes, respond to it and follow it; when there is no trend, observe and remain calm. It is not too late to act once the trend becomes clear. Tomorrow's success stems from today's choices. Heaven rewards diligence, the earth rewards kindness, humanity rewards sincerity, business rewards trust, industry rewards excellence, and art rewards passion. Gains and losses often occur unexpectedly. Develop the habit of strictly setting stop-losses and take-profits for each trade. The Cryptocurrency Scholar wishes you happy investing!

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