Cryptocurrency Circle Li Ying: Market Psychological Warfare on 10.9! Is the Bitcoin target of 72,000 within reach? Latest market analysis

Article published on 2024.10.9—14:40

Yesterday, it was mentioned that the current price of Bitcoin returned to around 62,400, and today it remains the same, still hovering around 62,400. This overlaps with the reference range provided yesterday, where a dense area has formed above 62,000. As long as the key point is not broken, Li Ying believes the market will continue to consolidate, observing the current trend in the market.

The current K-line pattern fluctuates within the range of 62,000 to 63,000, forming a consolidation pattern. On the 7th, a long upper shadow appeared, indicating heavy selling pressure above. In the technical indicator MACD on the 4-hour cycle, both DIF and DEA are below the zero axis but show signs of convergence, suggesting a potential short-term rebound demand. The current RSI value is close to 50, with no obvious overbought or oversold signals, further confirming the consolidation trend.

The trend indicator EMA shows the current price is above EMA7, but not far from EMA30 and EMA120, indicating a short-term bullish trend while still within the overall consolidation range. Additionally, the trading volume has started to decline, and market sentiment is stable. Although yesterday's significant fluctuations in trading volume indicated increased market activity, the current gradual decline in trading volume is a reality. Therefore, rational thinking suggests that the market is expected to steadily break previous highs during the consolidation process. The strategy recommended is to primarily focus on long positions with some short positions as a supplement.

Today's point prediction: Li Ying's judgment (consolidation)

Long entry at 61,500, add long at 61,000, stop loss at 60,500, target at 62,500.

Short entry at 63,500, add short at 64,000, stop loss at 64,500, target at 62,500.

Reason: Signs of stabilization in the consolidation have appeared, and the strategy of going long at lower levels is effective. The content of the article is timely and for reference only; risks are borne by the reader.

The above is a brief analysis by Li Ying regarding the current market situation, for investors' reference. Over the past ten years, Li Ying has continuously explored and experienced hundreds of different digital assets. Throughout this process, Li Ying 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, Li Ying 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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