Cryptocurrency Circle Li Ying: 10.16 Bitcoin Market Reversal, What’s Behind the Frenzied Influx of Main Funds! Where Do the Doubts Come From? Latest Market Analysis

Article Published on 2024.10.16 ---- 06:40

Yesterday, Li Ying reminded everyone that the Bitcoin liquidation was quite evident, urging everyone to remain calm and think rationally. If there is no warning for a sudden surge, do not engage in trading or participate. At this moment, not participating is the best outcome. A large-scale spike and a sudden dual kill in the small-scale long and short market appeared without warning. How will it proceed? Let’s look at Li Ying's subsequent statements.

First, from the price trend analysis, the current K-line pattern on the market shows a clear upward trend, especially the large bullish candles on the 14th and 15th, indicating a bullish market sentiment and the main force's intention to push the price up. The recent high of 67953.7 has become a short-term resistance level, while the low of 64771.7 serves as support. The technical indicator MACD histogram continues to remain in the positive area, and the DIF line has crossed above the DEA line, indicating strong upward momentum.

The Relative Strength Index (RSI) is currently at 73.5, indicating some upward space, suggesting that the bullish trend has not yet ended. The trend indicator EMA price has broken through the EMA7, EMA30, and EMA120 moving averages, with all moving averages showing a bullish arrangement, supporting a continued bullish outlook. Finally, the trading volume has significantly increased alongside the price rise, indicating active capital inflow. The current trading volume has decreased compared to the previous period, so attention should be paid to the subsequent volume-price coordination to determine whether the current trend will continue.

Today's Point of Reference: Bullish

Long at 66000, stop loss at 65000, take profit at 67500

Short at 68000, stop loss at 69000, take profit at 66500

Reason: Follow the trend, a big market means big volatility, allowing for high selling and low buying. The content of this article is real-time and for reference only; risks are borne by the individual.

The above analysis by Li Ying is based on market data and trend analysis from the market, for reference only, and does not constitute investment advice. For family members' reference. Over the past ten years, Li Ying has continuously explored and experienced hundreds of different digital assets. Throughout this process, Li Ying 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, Li Ying 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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