Cryptocurrency Circle Liying: Storm Approaching on 10.24! Bitcoin Falls Below 66,000, Opportunities Amidst the Plunge! Latest Market Analysis

Article Published on 2024.10.24—01:30 AM

Bitcoin is currently priced at 65,800, having fallen below the support level of 66,000. Yesterday's article clearly stated to pay attention to the key support level and provided a short position strategy at the high of 68,000. In actual trading, a clear entry point of 67,000 was given for a short position, ultimately cashing out at 66,000 for a gain of 1,000 points. Although the market has dropped below 66,000, Liying still chose to secure profits first, taking what is rightfully hers. Let's take a look at the market.

First, Liying analyzes the price trend. The current candlestick pattern shows a clear downtrend, especially with significant bearish candles appearing on the 21st and 23rd, indicating heavy selling pressure in the market. In the 4-hour timeframe, the price has continuously retreated from its highs and has attempted to rebound multiple times without success, forming a series of progressively lower lows. The technical indicator MACD in the 4-hour timeframe shows the histogram in the negative zone and continuously expanding, with both DIF and DEA diverging downwards, signaling a strong bearish trend.

The Relative Strength Index (RSI) is hovering below 30, close to the oversold zone, but has not yet entered an extreme oversold state, suggesting a potential short-term rebound demand. The trend indicator EMA shows that the current price has fallen below EMA7, EMA30, and EMA120, with EMA7, EMA30, and EMA120 in a bearish arrangement, further confirming the downtrend. The daily trading volume peaked on the 21st and has since decreased, indicating a slight decline in market participation as prices fall. In the 4-hour timeframe, trading volume expanded significantly during the sharp decline and then contracted, reflecting a cautious market sentiment. Therefore, Liying predicts that the market will oscillate around 66,000 for a certain period before choosing a new direction, not straying too far from 66,000. The strategy can adopt a low long position while monitoring the high short positions based on real-time data.

Today's Point Predictions:

Long Entry at 65,000, add long at 64,000, stop loss at 63,500, target at 66,500.

Short Entry at 67,000, add short at 68,000, stop loss at 68,500, target at 65,500.

Reason: The round number may form support, further probing down to stronger integer support levels, while also considering an interval of over 1%, approaching the recent rebound high of 67,400. The round number may form resistance before making a decision. Safety first; the content of this article is time-sensitive and for reference only, with risks borne by the reader.

The above is Liying's brief analysis of the current market situation for investors' reference. Over the past ten years, Liying has continuously explored and experienced hundreds of different digital assets. Throughout this process, Liying 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, Liying 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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