Cryptocurrency Circle Liying: U.S. Market Surge at 10.8! Bitcoin Retraces After Hitting 64500, Who Will Dominate the Market? Latest Market Analysis

Article Published on 2024.10.8—09:25

Bitcoin's current price has returned to around 62400, influenced by the U.S. market, peaking at 64500 before starting to retrace. Let's analyze the current market conditions; Liying first looks at the current candlestick pattern, indicating that recent prices have been fluctuating within the 62000 to 64000 range, forming a consolidation pattern. On the 7th, a long upper shadow appeared, indicating significant pressure from above.

The technical indicators show that both the MACD DIF and DEA are currently positive, but the MACD histogram is shortening, indicating a weakening of bullish momentum, which may lead to an adjustment phase. The RSI value is close to 50, and the market direction is currently unclear. The trend indicator EMA is below EMA7 but close to it, and between EMA30 and EMA120, indicating a bearish short-term trend, while still having support in the medium to long term.

Overall, the market trend is beginning to choose a direction, especially as the trading volume on the order book fluctuates with price surges and retracements, showing fierce competition between bulls and bears, indicating an increase in market wait-and-see sentiment. A conventional approach can be adopted, clearly identifying support and resistance before entering the market, which lowers the margin for error and increases stability.

Today's Price Prediction: Liying's Judgment (Consolidation)

Long Entry at 61500, add to long at 61000, stop loss at 60500, target at 62500.

Short Entry at 63500, add to short at 64000, stop loss at 64500, target at 62500.

Reason: Follow the trend, act in accordance with the market direction, with stop loss points outside of 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 conditions 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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