Cryptocurrency Market Analysis by Liying: High-Level Consolidation on 10.15 Hides Secrets, What is Bitcoin's Next Target? Latest Market Analysis

Article Published on 2024.10.15—08:50

A clear liquidation wave has occurred in Bitcoin, starting from a one-sided move after the article was drafted yesterday, rising from 62500 to 66500. This was the previous high point, and after breaking it once, it began to consolidate at a high level. There was no warning for this one-sided stretch, nor was there a significant pullback. What is needed now is calmness, reflection, and rationality. Let’s see Liying's statements next.

Currently, the market trend K-line is oscillating around 66000, forming a high-level consolidation pattern. The daily K-line shows a long upper shadow, indicating significant pressure above. In the technical indicators, the MACD on the 4-hour cycle shows both DIF and DEA diverging upwards, with the MACD histogram displaying a bullish trend but showing signs of weakening. Therefore, even if the previous high is broken in the short term, it will encounter strong resistance, particularly at the major trend pressure level of 67000.

The Relative Strength Index (RSI) is above 70, indicating an overbought zone and potential short-term pullback risks. The trend indicator EMA shows the current price below EMA7, close to EMA30. If it breaks below EMA30, it may further test the EMA120 support. The trading volume has significantly increased over the past 14 days, indicating heightened market activity. Overall, the trend does not rule out the possibility of another upward push. One can wait to position for shorts after encountering key resistance or choose a direction after a pullback to 64000.

Today's Point Prediction: Liying's Judgment (Consolidation)

Long Entry at 64000, add long at 63000, stop loss at 62500, target at 66000.

Short Entry at 66500, add short at 67000, stop loss at 67500, target at 64500.

Reason: The market is currently showing signs of stagnation, indicating weakness in the bulls. At this time, one can wait for a push towards the previous high before positioning. It is important to learn to wait for opportunities and temporarily hold off until signals appear. The content of this article is time-sensitive and for reference only; risks are borne by the reader.

The above is Liying's brief analysis of the current market situation for investors' reference. Over the past ten years, Liying has continuously explored and experienced hundreds of different digital assets. Throughout this process, Liying 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, Liying 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 successful journey.

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