Li Ying in the Crypto Circle: Bitcoin Latest Market Analysis on 10.17

Article Published on 2024.10.17 ---- 06:55

Bitcoin shows a clear upward trend, with significant market momentum. This is why Li Ying stated yesterday that the clear strategy is to go long. Only after the market moves can we know whether the analysis is correct or not. Although the market's pullback depth was less than expected, the highs were generally close, reaching a peak of 68,500. Overall, the bullish momentum remains, especially with a strong large-scale bullish trend. How will it move in the short term? Let's see Li Ying's analysis.

First, from the price trend analysis, the current K-line pattern in the market is oscillating at a high level, forming a relatively strong upward trend. The daily K-line shows consecutive bullish candles, indicating strong bullish forces in the market. Therefore, Li Ying predicts that the bullish trend will continue. In the technical indicator MACD on the 4-hour cycle, both DIF and DEA are above the zero axis, and the MACD histogram is positive, further indicating sustained bullish momentum.

The current Relative Strength Index (RSI) is around 75, and we need to be cautious of possible short-term adjustments. This pullback can also be used as an entry point for going long. The trend indicator EMA shows that the price is currently above EMA7, EMA30, and EMA120, especially with EMA7 and EMA30 in a bullish arrangement, supporting the upward trend. The trading volume in the market has increased, particularly when breaking through key resistance levels, indicating signs of capital inflow. During the significant rise on the 16th, the trading volume increased significantly, supporting the rapid price surge.

Today's Reference Points: Bullish

• Go long at 67,000, with a stop loss at 66,000 and a take profit at 68,500.
• Go short at 68,500, with a stop loss at 69,500 and a take profit at 67,000.

Reason: Follow the trend; a big market means big volatility. You can sell high and buy low, but focusing on low buying is more stable. The content of this article is time-sensitive and for reference only; risks are borne by the reader.

The above analysis by Li Ying is based on market data and trend analysis and is for reference only, not constituting 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 experienced 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 help others with dreams find their place in this unpredictable market and embark on their own successful journey.

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