Li Ying in the Crypto Circle: Bitcoin's Upward Trend Breaks Records on October 19, Price Soars, Ready to Welcome the Heat Wave of 70,000? Latest Market Analysis

Article Published on 2024.10.19----02:30

The stretched momentum has been strengthening, the market's greed index has been increasing, and the trading volume on the order book has surged, all pushing the price to new highs. Bitcoin's current peak has reached 68,900, just a step away from 69,000. Without overthinking, it is highly likely that 69,000 will not hold. As for where it will surge next, at this moment, one can either follow the trend with a good stop-loss or watch from the sidelines.

Looking at the price trend on the order book, the current K-line pattern shows a clear upward trend, especially during the period from the 15th to the 18th, where the price rose from 66,000 to 68,900. In the 4-hour cycle, multiple bullish candles indicate strong market buying, with highs continuously rising. The technical indicator MACD in the 4-hour cycle shows both DIF and DEA are positive, but the MACD histogram has turned from negative to positive, indicating signs of strengthening bullish momentum.

The current Relative Strength Index (RSI) is at 70, nearing the overbought zone, so caution is needed for short-term pullback risks. However, if it continues to maintain high levels, it may indicate a strong upward trend. The trend indicator EMA price is currently running above EMA7, 30, and 120, with short-term, medium-term, and long-term moving averages showing a bullish arrangement, supporting the upward trend. This is more evident in the 4-hour cycle, where trading volume fluctuates significantly, especially when breaking through key resistance levels, indicating active capital inflow. Don't overthink it; going with the trend is the way to go.

Today's Point of Reference: Bullish

Long at 68,000, stop at 67,000, stop-loss at 66,500, target 69,500.

Short at 69,500, stop at 70,000, stop-loss at 70,500, target 68,000.

Reason: Go with the trend; a big market means big volatility. Focusing on low longs 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 order book trend analysis, 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 help others with dreams find their place in this ever-changing market and embark on their own journey to success.

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