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: Latest Bitcoin (BTC) Market Analysis on October 9, 2024

Today has been quite busy, especially with a surge in business volume. I’ve just about handled everything, and now I’ll update the current market situation. Currently, after Bitcoin failed to break through 64500, it started to decline after breaking through 63000 yesterday. The trend has clearly shifted from bullish to bearish, making it unsuitable to go long at this time. You can pay attention to the neckline support; if it breaks, you can go short accordingly.

Looking at the market, it is currently 4:40 PM Beijing time, and Bitcoin's current price is 62200. The daily K-line has stood above the EMA30 support point of 61900 for five consecutive days. Although it has broken the EMA15, the overall trend shows a long upper shadow, indicating strong pressure above. The selling pressure is too obvious in the short term, so it’s not advisable to continue going long with the market. Therefore, it’s necessary to adjust the strategy to go short. My current thought process is to hold short positions until the upper pressure level is broken; you can refer to this.

Now looking at the four-hour K-line, we can find entry points from a smaller timeframe. It is clear that the four-hour K-line has continuously failed to break through the EMA60, so we can use around 62500 as the entry point for short positions. The initial target for the previous low support is 61200 to 61500. If the first support breaks, you can continue to hold and let the profits run. Currently, the MACD is also shrinking, especially the DIF has dropped below the 0 axis and entered a bearish trend, while the DEA is also pushing down. This polarization I mentioned earlier will lead to a sideways market. Once the sideways movement ends, you may miss the entry point for shorting. The Bollinger Bands resistance point is at the middle track of 62600, and the lower track support point is at 61600. The main thought process is to focus on shorting, and after finding the bottom, consider trying long positions; for now, it’s not being considered.

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

Current price short, add to short at 62500, stop-loss at 62850, target at 61500 to 61200, if broken, look at 60800 to 60500.

For longs, consider 60000 to 60500, with a stop-loss at 59500 to 59000, target at 61500 to 62000, if broken, look at 62500, stop-loss 500 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 reflect on where the problem lies. Don’t let the profits that should be yours slip away. There is no need to be smarter than the market; when a trend comes, respond and follow it; when there is 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 precision, and art rewards heart. 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!

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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