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 oneself; 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 2024.10.07

The current price of Bitcoin is 62650, with a daily K-line high of 63000 and a low of 61800. If it retraces to the neckline without breaking, we can increase our position and let profits run. Yes, there is a long position at the 60000 mark, with two retracements to the neckline: the first at 61700 and the second at 62500. It broke the previous high, and I originally thought it would break 63000 tonight and push towards 64000. Now it’s 2 AM, and it still hasn’t gone up. Set your price alerts and get some sleep.

Currently, bullish sentiment is strong, and our entry point is good, so there’s no rush to exit; we continue to hold. The space for taking profits has already exceeded 2000 points. Looking at the order book, the daily K-line has broken the EMA15 trend resistance at 62400. The MACD is shrinking and accumulating, showing a top divergence trend. The Bollinger Bands are contracting, and we need to pay attention to whether the mid-band resistance at 63000 can turn into support, depending on whether the main force can be strong. The lower band support is at 59700, and the KDJ is contracting upwards. The overall trend is bullish; if the support point holds, we can enter. For those already in, let’s move together.

The four-hour K-line shows an ascending triangle trend, breaking the EMA trend indicator high at 62500. The MACD is expanding with increased volume, and the DIF has broken the 0 axis, forming a polarization with the EMA. Therefore, high-level consolidation will continue. To break the previous high in the short term, we need to consolidate at a high level for a while. The KDJ is expanding upwards, and the overall trend is bullish.

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.

For the upper range, short at 64100 to 64500, with a stop-loss at 65500 to 66000 for adding to the short position. The target is 62500 to 62000, with a break looking at 61000 to 60500, stop-loss at 500 points.

For the lower range, long at 60500 to 60300, with a stop-loss at 59000 to 58500 for adding to the long position. The target is 61500 to 62000, with a break looking at 62500 to 63500, stop-loss at 500 points.

Specific operations should be based on real-time data from the order book. 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 views. 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 views 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 reflect on where the problem lies. Don’t let the profits that should be yours slip away. There’s no need to be smarter than the market; when a trend comes, respond and follow it; when there’s no trend, observe and remain calm. It’s 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 happen unexpectedly. Develop the habit of strictly setting stop-losses and take-profits for each trade. The Cryptocurrency Scholar wishes you happy investing!

Warm reminder: The above content is solely created by the author of the public account. The advertisements at the end of the article and in the comments section are unrelated to the author. Please discern carefully. Thank you for reading.

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