The essence of trading is survival, followed by profit. Therefore, before each operation, think carefully about whether your actions are reasonable and whether your capital is safe. You need to develop a trading mindset that belongs to you, continuously optimizing and improving it. Although the suggestions from the cryptocurrency community may not make you rich overnight, they can help you persist. Only those who survive in the cryptocurrency space for the long term and stick it out until the end can achieve the results they desire. I hope you understand.

I am a warrior in the cryptocurrency community, always protecting the investors. I wish my followers financial freedom in 2024. Let's work hard together!

Cryptocurrency Community Expert: Bitcoin (BTC) Latest Market Analysis Reference on 2024.10.16

It is now 7:30 AM Beijing time. The current price of Bitcoin is 66,900. The daily candlestick will close after 8 AM. The current high is 67,950, and the low is 64,800. Let's review yesterday's article, which set a short target of 65,900 with a current price of 65,000 reached. However, the low long strategy at 64,500 was not reached, and I did not dare to enter a high short position. Instead, I adjusted the entry point for the short position to the major resistance level of 68,400. The reason is simple: do not chase after rapid rises and falls, especially during last night's back-and-forth market. After the market stretches again, you can start to consider entering short positions. The larger trend and market space can be considered for entry.

Looking at the order book, it can be confirmed that the daily candlestick will likely close with a bullish candle before 8 AM. In the short term, a price surge cannot be ruled out. The EMA trend indicator is still stretching overall, with the EMA15 trend fast line currently at 63,300, continuing to provide effective support for the candlestick. It is expected to take a few days to stretch to around 64,500 before forming effective support. The MACD shows an increase in volume, with the DIF and DEA forming a golden cross above the zero axis. The upper Bollinger Band at 67,200 has been lost, and after the candlestick returns to the Bollinger channel, it is expected to challenge the upper Bollinger Band again. The KDJ shows an overall upward expansion trend, indicating that the market is overbought and has room for correction.

The four-hour candlestick shows a top divergence trend. The EMA trend indicator's upward net expansion of the bullish trend is nearing its end. The EMA15 trend fast line pressure level has reached 65,300. The MACD shows a top divergence with increased volume, indicating that the market is entering an overbought state. The candlestick is also testing the upper Bollinger Band pressure level of 67,650 back and forth. The entry point should not be at the upper band; it should be set slightly higher. If the major resistance level breaks at 68,000, you can start to position for a short.

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

For the upper range of 68,000 to 68,500, short with a stop at 69,000 for additional short positions, stop-loss at 500 points, target at 67,000 to 66,000, with a break point at 65,500.

For the lower range of 64,500 to 65,000, long with a stop at 64,000 for additional long positions, stop-loss at 500 points, target at 66,000 to 67,000, with a break point at 67,500.

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 Community Expert and represents the expert'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 expert 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 to 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, integrity is valued, and excellence is pursued. Gains and losses often occur unexpectedly. Develop the habit of strictly managing stop-losses and take-profits for each trade. The Cryptocurrency Community Expert wishes you happy investing!

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