Cryptocurrency Circle Li Ying: Will History Repeat on 10.22? Bitcoin Enters Another Period of Intense Bull-Bear Volatility, Who Will Laugh Last? Latest Market Analysis

Article Published on 2024.10.22—01:30 AM

Bitcoin experiences a double whammy of bulls and bears; reality is often harsh, especially when the market has already moved. Bitcoin has reached a high of 69,500, just a few hundred points away from the 70,000 mark. In yesterday's article, Li Ying provided a strategy with a first short target at 69,000, which was achieved. Unfortunately, the second target of 70,000 was not reached, and the final target of 68,000 only captured 1,000 points. Currently, the lowest point has dropped below 67,000. From an overall trend perspective, as long as it does not break below 66,500, the bullish trend remains intact. The specific situation will depend on the upcoming trading volume, as described by Li Ying.

First, analyzing the price trend, the current candlestick pattern is oscillating at a high level, with multiple long upper shadows indicating heavy selling pressure above. The daily candlestick chart shows a large bearish candle formed on the 21st, indicating an increase in bearish strength. The technical indicator MACD on the 4-hour timeframe is below the zero line, with both DIF and DEA diverging downwards, suggesting a possibility of continued adjustment in the short term.

The Relative Strength Index (RSI) has retreated from the overbought zone and is currently near 50, indicating a neutral market sentiment, but caution is still needed for further weakening. The trend indicator EMA shows that the current price has fallen below EMA7 and has also touched EMA30. If it cannot stabilize at this position, it may test lower support levels. Additionally, the current trading volume has increased alongside the price drop, indicating heightened selling pressure. In recent trading sessions, the trading volume has decreased, and market sentiment is increasingly cautious, suggesting a new round of fierce battles between bulls and bears at high levels. At this time, the strategy remains the same as before: buy high and sell low.

Today's Point Prediction: Li Ying predicts short-term oscillation in a high-level range.

Long Entry at 66,500, add long at 66,600, stop loss at 65,500, target at 68,000.

Short Entry at 68,500, add short at 69,500, stop loss at 70,000, target at 67,000.

Reason: The trend remains bullish, and the main strategy is to follow the trend. When shorting, precautions must be taken; safety first. The content of this article is time-sensitive and for reference only; risks are borne by the reader.

The above is a brief analysis by Li Ying regarding the current market situation for investors' 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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