Cryptocurrency Circle Liying: 10.7 Bitcoin Bull Run Erupts, Who Can Stop Bitcoin's Upward Momentum? Latest Analysis

Article published on 2024.10.7—10:30 AM

Bitcoin has currently broken its previous high, the weekend sideways trend has ended, and it has entered a one-sided upward market. After closing at 8 AM, it surged from 62,800 to 64,000, and the market is still in a recovery trend, so it is expected to further break upward.

Looking at the price trend, the current K-line pattern fluctuates within the range of 62,000 to 64,000, showing a震荡上行 trend. The daily K-line shows consecutive bullish candles, indicating strong bullish momentum, and one can follow the trend. The technical indicator MACD in the 4-hour cycle shows the histogram turning from negative to positive, with the DIF line crossing above the DEA line, indicating a bullish signal, confirming the effectiveness of the bulls.

The current RSI indicator value is 68, suggesting a potential short-term continuation of the upward trend. The trend indicator EMA price has broken through the EMA7, EMA30, and EMA120 moving averages, with EMA7 crossing above EMA30 and EMA120, forming a bullish arrangement, supporting further upward movement. Additionally, the increase in trading volume has led to the bulls dominating the market, so Liying's strategy is to primarily go long with some short positions.

Today's Point Forecast: Liying's Judgment (Bullish)

Long entry at 63,000, add long at 62,000, stop loss at 61,500, target at 65,500.

Short entry at 65,500, add short at 66,000, stop loss at 66,500, target at 64,000.

Reason: Follow the trend, move with the market, and the stop loss points are outside the pressure and support levels. 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 successful journey.

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