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: Bitcoin (BTC) Latest Market Analysis on 2024.10.11

After the head and shoulders pattern for Bitcoin ended, the entry point for the short position at the pullback of 61500 was not reached. The original plan was that the CPI news would provide an opportunity for a spike, but contrary to expectations, negative news hit, and after being blocked at 61200, it fell all the way below 59000. The idea in the article about going long at yesterday's low was indeed executed, with a target reached at 60500, providing a space of one thousand five hundred points. Let’s look at the market.

It is now 3 PM Beijing time, and Bitcoin's current price is 60800. You can see that the daily candlestick shows a pattern of probing highs and lows, with a maximum surge to 64500 and a minimum breaking below 59000. It is now back to 61000 for consolidation. Additionally, since today is Friday, the market is expected to enter a consolidation period with not much operational space. The EMA trend indicator is contracting and converging, with the central point at the resistance level of 61500. You can continue to pay attention to the market at this position; once the price reaches it, you can start to layout. Although the major support point has reached MACD with reduced volume and increased positions, DIF and DEA are entering polarization. The lower Bollinger Band has retraced to 59200, indicating effective support below. You can patiently wait for a double bottom to appear.

The four-hour candlestick's head and shoulders have just ended, and the downward net expansion of the EMA trend indicator has not yet concluded. The idea is to wait for the effective start of a layout for shorts at the resistance level. MACD is reducing volume and increasing positions, with DIF and DEA contracting. The overall trend is in a rebound, and the short-term bullish market has not ended. Pay attention to the pressure level of 61500 in the Bollinger Band. KDJ is expanding upwards. From the market perspective, it is recommended to primarily short at highs and support with longs at lows.

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

Today's Strategy

Short from 61800 to 61500, target 61000 to 60500, with a stop loss of 300 points.

Long from 59500 to 59000, target 60000 to 60500, with a stop loss of 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 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. Do not 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 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 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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