Coin Circle Li Ying: 10.31 Crazy Bitcoin! Breaking the Norm, the Carnival Continues! Latest Market Analysis

Article Published on 2024.10.31—02:00 AM

The current price of Bitcoin is 72,000. Let's review yesterday's article; Li Ying mentioned that the major trend has opened a gap, and the bulls will continue to stretch. After a pullback to support, one can continue to enter the market. After waiting a day, I still haven't found a suitable entry point before publishing. Those who haven't entered can only continue to wait, while those who have entered don't need to rush to exit and can continue to hold.

First, Li Ying will analyze the price trend. The candlestick pattern on the order book is oscillating at a high level. On the 29th, a long bullish candlestick broke through the previous high, but the subsequent pullbacks on the 30th and 31st showed long upper shadows. Li Ying judges that there is strong resistance above, and the rapid stretch needs a pullback to gather strength before a new trend can emerge. The technical indicator MACD is currently bullish, but the histogram shows a significant weakening of momentum, and the pullback space has not yet ended.

The Relative Strength Index (RSI) is close to the overbought zone at 71.1, and the risk of a pullback still exists. It is advisable to wait for the pullback to end before continuing to go long. The trend indicator EMA is currently hovering near EMA7, which is greater than 30 and 120, so Li Ying still insists on a bullish trend. The pullback is a normal selling pressure. Comparing the trading volume on the order book, the volume increased significantly on the 29th along with a substantial price rise, indicating clear capital momentum. However, the current trading volume has decreased, and the market's horizontal repair trend is quite evident. The strategy is to wait for a clear support level to enter the market after the repair.

Today's Point Prediction: Bullish

Long entry at 71,000, add long at 70,000, stop loss at 69,500, target at 74,000.

Short entry at 73,000, add short at 74,000, stop loss at 74,500, target at 71,000.

Reason: Li Ying chooses the previous pullback low as the first entry point, which remains unchanged, and EMA30 as the second entry point. If it breaks EMA30, a stop loss can be considered. Near the previous high resistance level, Li Ying chooses the round number as the first short entry point, with the second entry point in the historical high area being the safest. The content of the 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 assist others with dreams in finding their place in this unpredictable market and embarking on their own successful journey.

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