Cryptocurrency Circle Li Ying: Just One Step Away on 10.21! Can Bitcoin Break Through the 70,000 Mark Today? Latest Market Analysis

Article Published on 2024.10.21----01:00 AM

Bitcoin is currently hovering around 68,500. Based on the bullish momentum this week, it is expected to push towards the 70,000 mark. Whether it can stand above 70,000 depends on today's trading volume. Regardless of how the market moves, Li Ying hopes everyone learns to observe the trend direction and act accordingly, avoiding counter-trend actions driven by fear and greed.

Let's take a look at the market. Li Ying will first analyze the price trend. Currently, the K-line pattern is fluctuating within the 68,000 to 69,000 range, showing an overall upward trend. The daily K-line has a long lower shadow, indicating strong buying support. In the 4-hour MACD cycle, both DIF and DEA are negative but gradually converging, suggesting a weakening of bearish strength, which may lead to a golden cross. As mentioned yesterday, there is a possibility for bulls to exert force again.

The Relative Strength Index (RSI) is currently above 60, nearing the overbought zone, indicating a short-term risk of a pullback. However, if it remains at a high level, the upward trend may continue. The trend indicator EMA shows the current price above EMA7, with 7 greater than 30 greater than 120, indicating a bullish arrangement of short-term, medium-term, and long-term moving averages, supporting the upward trend. Additionally, with increased trading volume and market activity, the bullish trend will likely persist. Our task is to find the right position to enter the market in line with the trend and to be cautious to follow the main force.

Today's Reference Points: Bullish

Long at 67,500, stop loss at 66,500, take profit at 69,000

Short at 69,000, stop loss at 70,000, take profit at 68,000

Reason: The overall trend is bullish, so the strategy should focus on buying low for greater stability. 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. It is provided 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 ever-changing market and embarking on their own successful journey.

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