Liying in the Crypto Circle: 10.20 Bitcoin Strongly Pulls Back, Capital Struggle Intensifies, Bulls Remain Strong, Latest Market Analysis

Article Published on 2024.10.20 ---- 02:30 AM

The bullish momentum for Bitcoin is still present; any pullback is an opportunity. This pullback is an opportunity. Liying mentioned the overall strategy yesterday, which is to go with the trend. The major trend is bullish, and as long as the trend remains unchanged, following the main force is the right approach. This reason is something everyone understands. Now, let's look at Liying's analysis.

First, from the price trend analysis, the current K-line pattern is fluctuating within the range of 68000 to 69000, forming a high-level consolidation pattern. The daily K-line shows a long upper shadow on the 18th, indicating heavy selling pressure above, which means the bullish one-sided stretch is encountering strong resistance and needs to pull back to digest. This pullback is a normal phenomenon. In the technical indicators, the MACD on the 4-hour cycle shows both DIF and DEA are negative, and the MACD histogram presents green bars, indicating that the pullback is normal and the trend remains unchanged.

The Relative Strength Index (RSI) is currently hovering around 60, not entering the overbought or oversold zones, indicating that the market temporarily lacks extreme emotions. The trend indicator EMA shows the current price is below EMA7 but close to its position, while EMA30 and EMA120 are significantly below the current price, indicating that the long-term trend is still upward. Additionally, the trading volume on the 18th significantly increased, accompanied by a price surge and subsequent pullback, showing fierce competition between bulls and bears. This is a critical time node, so pay attention to the support below, primarily focusing on low longs and secondary high shorts, going with the trend.

Today's Point of Reference: The trend remains bullish, but the probability of sideways movement during the day is high.

Long at 67000, stop loss at 66000, take profit at 69000.

Short at 69000, stop loss at 70000, take profit at 68000.

Reason: Go with the trend. A major market means major 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 Liying is based on market data and trend analysis and is for reference only; it does not constitute investment advice. For family members' reference. Over the past ten years, Liying has continuously explored and experienced hundreds of different digital assets. Throughout this process, Liying 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, Liying 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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