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 2024.10.14
The current price of Bitcoin is 62,700. It is now 9:30 AM Beijing time. We can see that the weekly candlestick for Bitcoin has closed as a doji bullish candle, indicating that the overall trend has shown signs of shifting from bearish to bullish. As for where the upward movement will start, it is not yet clear, so it is advisable to wait for the market to further test the lows before deciding on an entry point. It is definitely not appropriate to go long at this position.
Looking at the daily candlestick chart, after yesterday's bearish close, the market opened on Monday in a sideways phase. The EMA15 trend indicator support point is at 62,300, but the 30 trend line is at 61,950, with the Fibonacci support at 61,500. The MACD shows a clear decrease in volume, with the DIF and DEA contracting at high levels. The candlestick has reached the Bollinger Band's middle equilibrium point at 62,700. The KDJ is expanding upwards but is blocked at 63,000. The entry point for short positions has been identified, and the stop-loss level is not very large. If the price stretches again without breaking the resistance level, a position can be tested.
On the four-hour candlestick chart, we can see that the EMA trend indicator has continuously shown a network of bullish indicators. The EMA15 trend support point is at 62,500, while other trend lines are mostly alternating around 62,200, which is currently a strong support point. The dense area can be a key point to focus on. The MACD shows a decrease in volume, with the candlestick top diverging. The DIF and DEA are contracting at high levels, forming a dead cross trend. The Bollinger Bands are beginning to contract, with the upper resistance level at 64,000 and the lower support level at 60,600. The KDJ indicator shows divergence forming a golden cross. The overall trend is in an uncertain state, and it is temporarily recommended to stay out of the market and observe the upper trend resistance level.
Short-term strategy reference: The market is never 100% certain, so always set stop-losses. Safety first; small losses and big gains are the goal.
Today's Strategy
If the price does not break 63,200 to 63,500, go short, targeting 62,500 to 62,000. If it breaks, look at 61,500, with a stop-loss of 300 points.
If the price breaks 63,300 to 63,600, go long, targeting 64,200 to 64,500. If it breaks, look at 65,000, with a stop-loss of 300 points.
If the price is between 62,000 to 62,300, go long, defending at 61,500 to add to the long position, with a stop-loss of 500 points, targeting 63,000 to 64,000, and if it breaks, look at 65,000.
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. Hard work is rewarded by heaven, goodness by earth, sincerity by humanity, trust by commerce, excellence by profession, and heart by art. 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!
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