Cryptocurrency Circle Liying: Bullish signals frequently appear on 10.29! Can Bitcoin successfully break through 69,500 today? Latest market analysis

Article published on 2024.10.29—02:00

Bitcoin's current price is 69,200. Liying's short position at 68,000 yesterday was regrettably exited at the EMA120 support of 67,600 without breaking. The mid-line long position at 66,500 was exited at the 69,000 mark, achieving a good profit. For specific details, you can check Liying's practical records on social media. Liying has been reminding everyone to focus on low long positions for a long time, and despite many heartfelt warnings, many fans still do not believe it. Missing out is unavoidable, and the market remains bullish for the following reasons:

Firstly, from Liying's price trend analysis, the current candlestick pattern shows a clear upward trend. On the 28th and 29th, the price rose from 67,700 to 68,950. The daily chart shows several consecutive bullish candles, indicating strong buying power in the market. The technical indicator MACD on the 4-hour cycle continues to be in the positive area, and the DIF line has crossed above the DEA line, which Liying describes as a typical bullish trend, so it is natural to follow the trend.

The Relative Strength Index (RSI14) is around 65, close to the overbought zone. Here, Liying notes that it is close but has not entered extreme overbought territory, and the upward space has not yet been exhausted. The trend remains bullish, and the trend indicators show that the short-term EMA7 is above the medium and long-term EMA30 and EMA120, overall presenting a bullish trend. Therefore, Liying continues to support the bullish trend. Additionally, the trading volume on the order book has significantly increased alongside the price rise, indicating that capital inflow and positive market sentiment have been activated, making it highly likely to continue challenging previous highs. Thus, the low long strategy remains unchanged and still looks bullish.

Today's point prediction: Bullish

Long entry at 68,000, add long at 67,000, stop loss at 66,500, target 69,500.

Short entry at 69,500, add short at 70,500, stop loss at 71,000, target 68,000.

Reason: Liying chooses to lay out long positions at the EMA30 trend line, which happens to be a previous support point. Close to the previous swing low, one can add positions here with a stop loss below. There is a high probability of selling pressure appearing before the 70,000 mark, and even if the 70,000 psychological barrier is broken, the pressure will be stronger. Therefore, Liying suggests laying out short positions. First and foremost, remember that safety comes first. The content of this article is time-sensitive and for reference only; risks are to be 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 and hopes to help others with dreams find their place in this unpredictable market and embark on their own journey to success.

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