The essence of trading is survival, and only then comes profit. Therefore, before each operation, think carefully about whether your actions are reasonable and whether your capital is safe. You need to develop a trading mindset that belongs to you, continuously optimizing and improving it. Although the suggestions from the crypto circle academicians may not make you rich overnight, they can help you stay in the game. Only those who survive in the crypto space for the long term and persist until the end can achieve the results they desire. I hope you understand this.

I am a warrior in the crypto circle, always protecting the retail investors. I wish my followers financial freedom in 2024. Let's work hard together!

Crypto Circle Academician: Latest Bitcoin (BTC) Market Analysis on October 23, 2024

The current price of Bitcoin is 67,400. It is now 1:30 AM Beijing time. As I keep an eye on the market, it has already turned to the early morning. Taking this time to provide you with a reference thought, let's review yesterday's ideas where neither the long nor short positions were reached. We observed the market all day without taking action. The main line of thought was not wrong, especially the short position at 68,400 given on the 16th, with a defense at 69,000 to add to the short position, which ultimately got swept out by the main force. However, the market has now moved, dropping to the first target of 66,600. From an overall perspective, we did not make a mistake. Although we got swept out, we were doing the right thing.

Looking at today's market, the daily K-line reached a high of 67,800, and before publication, the lowest was 66,600, not far from the EMA15 support point of 66,000. The EMA15 has also shown signs of stopping its stretch, indicating that this position has strong support and resistance. The MACD volume has decreased, but both the DIF and DEA are still above the zero axis. The upper pressure level of the Bollinger Bands has broken below 70,500, while the middle support point has risen above 64,500 and is still stretching. The KDJ has formed a death cross, and the bearish trend has not yet ended.

The four-hour K-line has been continuously contracting between the EMA30 and EMA60, especially with repeated impacts on the lower EMA60 support at 66,770. The main force has been firmly holding this support point, but there is an old saying that one should not forget: a support level that is held for too long will eventually break. Therefore, it is essential to have a sense of precaution. The pressure level above the MACD has reached 67,650. As long as this resistance level is not broken, the MACD will end its divergence and enter below the zero axis. The K-line has continuously tested the strength of the Bollinger Bands' lower support at 66,900. The KDJ has formed a golden cross trend, and the overall market has entered an oversold range, increasing the probability of a market reversal. At this time, it is more practical to simulate trades rather than execute them, as the ambiguity of long and short positions poses a risk greater than the potential reward. It is best to choose entry points outside of the pressure and support levels and wait for opportunities.

Short-term trading thoughts: The market is never 100% certain, so always set stop-losses. Safety first; small losses and big gains are the goal.

For short positions at 68,000 to 68,300, set a stop-loss of 300 points, with targets at 67,500 to 67,000, and if broken, look at 66,500.

For long positions at 66,000 to 66,300, set a stop-loss of 300 points, with targets at 67,000 to 67,500, and if broken, look at 68,000.

For short positions if 66,000 to 66,300 is lost, target 65,500 to 65,000, and if broken, look at 64,500, with a stop-loss of 300 points.

Specific operations should be based on real-time market data. For more information, you can consult the author. There may be delays in article publication; the suggestions are for reference only, and risks are borne by the reader.

This article is exclusively contributed by the Crypto Circle Academician and represents the unique views of the Academician. In-depth research has been conducted on BTC, ETH, DOGE, DOT, FIL, EOS, etc. Due to the timing of the article's release, the above views and suggestions may not be real-time and are for reference only. Risks are borne by the reader. Please indicate the source when reprinting. Manage your positions reasonably and avoid heavy or full positions. The Academician also hopes that all investors understand that the market is always right. If you are wrong, you should reflect on where the problem lies. Do not let the profits that should be yours slip away. There is no need to be smarter than the market. When a trend comes, respond to it; when there is no trend, observe and remain calm. It is not too late to act once the trend becomes clear. Tomorrow's success stems from today's choices. Heaven rewards diligence, the earth rewards kindness, humanity rewards sincerity, business rewards trust, industry rewards precision, and art rewards passion. Gains and losses often occur unexpectedly. Develop the habit of strictly setting stop-losses and take-profits for each trade. The Crypto Circle Academician wishes you happy investing!

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