Cryptocurrency Circle Liying: The Bullish Dream Shattered on November 1! Bitcoin Plummets, Where is the Key Support? Latest Market Analysis

Article published on 2024.11.1—02:20

Bitcoin is currently priced at 70350, and a sudden drop has shattered the bullish dream, with unclear support leading to a sharp decline. It can be considered a narrow escape; I was originally planning to go long at 71000, but the drop happened too quickly. During this period of uncertainty, I chose to wait and see. The short position at 73000 was just 39 points away from entry. The bullish trend still exists, although a pullback has occurred. Behind the violent stretch by the main force, there is inevitably a large-scale pullback. Liying advises everyone to wait for a stop in the decline before making decisions; temporarily avoid chasing highs and cutting losses.

Liying first provides a reference from price trend analysis. Currently, the K-line pattern in the market is still oscillating at a high level. On the 29th, when a long upper shadow appeared, Liying reminded everyone that there was selling pressure above, posing a risk of a pullback. The technical indicator MACD shows that the current DIF and DEA values are gradually declining.

The MACD histogram has turned from positive to negative, indicating short-term pullback pressure.

The Relative Strength Index (RSI) has fallen from the overbought zone to the neutral area, currently around 49, indicating weakening momentum. The trend indicator EMA7 is above the current price, EMA30 is close to the current price, while EMA120 is far below the current price. The long-term trend remains upward, but short-term adjustments may be faced. Overall, the trend is still bullish, just in a pullback phase. Liying expects the market to pull back slightly below 70000 before continuing to rise.

Today's Point Prediction: Short on highs, long on lows as a regular trading strategy.

Long entry at 69000, add long at 68000, stop loss at 67500, target 72000.

Short entry at 72000, add short at 73000, stop loss at 73500, target 70500.

Reason: The first long entry point is at a previous low, and the second entry point is at a major trend support level, which, if broken, opens up the downside completely. A stop loss of 500 points is set to prevent being swept by a spike. The first short entry point is chosen at a round number pressure level, and the second is the same. The stop loss is placed at the previous high; if broken, it may lead to a new historical high. Safety first. The content of this article is time-sensitive and for reference only; risks are 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 unpredictable market and embarking on their own successful journey.

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