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 be explored by oneself; learning is endless, and the experiences gained are the true wealth!

Here, I wish my fans financial freedom in 2024. Let’s work hard together!

Cryptocurrency Scholar: Bitcoin (BTC) Latest Market Analysis on 2024.10.10

The current price of Bitcoin is 61,300. It is now 2 AM Beijing time. Yesterday's article directly stated three words: current price short, at the position of 62,200. The daily K-line before publication had a minimum of 61,200 and a maximum of 62,500. Just asking, impressive, right? Haha, it’s already past, so no more boasting. Let’s get straight to the thought process: if 61,000 breaks, continue short. If it retraces to 61,800 and you haven’t entered, you can wait for a pullback to here to continue entering.

Looking at the market, the daily K-line has three consecutive bearish candles and has now broken below the EMA trend indicator line. As I mentioned earlier, as long as 62,000 cannot be held, the bulls turn into bears. The results are already out, so we need to let profits run. The MACD is shrinking and continuing downward, with DIF and DEA also pushing down towards the zero axis. The lower Bollinger Band support is at 59,900, and the middle band resistance is at 63,000, which is effective. The bearish trend continues, and after the KDJ golden cross forms, 62,500 is not strong enough, leading to a downward break of 61,500, forming a death cross, and the bearish momentum continues.

The four-hour K-line shows a cup with a handle, with a resistance point at 64,500. This trend has already formed; we just need to see if we can cash out at the 60,000 mark. We will wait and see. Additionally, the four-hour chart shows a head and shoulders bearish pattern, so we can continue to hold. After the EMA trend indicator contracts, the MACD is shrinking downward, with DIF and DEA falling into the zero axis entering a bearish phase. The lower Bollinger Band support at 61,500 has been lost, and KDJ has also formed a death cross, so the thought process remains bearish, continuing to look downward.

Short-term strategy reference: Hold short positions; for details, refer to yesterday's article. The market is not 100%, so always set stop losses; safety first, small losses with big gains is the goal.

Today's Strategy

Short from 61,800 to 61,500, target 61,000 to 60,500, if broken, look at 60,000, stop loss 300 points.

Long from 58,500 to 59,000, target 60,000 to 60,500, if broken, look at 61,000, stop loss 300 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 on BTC, ETH, DOGE, DOT, FIL, EOS, etc. Due to the timing of the article's release, the above viewpoints and suggestions are not real-time and are for reference only; risks are borne by the reader. Please indicate the source when reprinting, manage 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 summarize where the problem lies. Do not let the profits that should be yours fly 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 is 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!

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