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 persist. Only those who survive in the crypto space for the long term and stick it out until the end can achieve the results they desire. I hope you understand.

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: Bitcoin (BTC) Latest Market Analysis on November 1, 2024

It is currently 4 AM Beijing time, and the current price of Bitcoin is 70,160. The market is moving as expected, dropping from 73,600 down to around the 70,000 mark, a decline of over 3,000 points. We entered a short position around 73,000, and for many days, we have been saying to short due to the pressure of the larger trend. There have been many negative comments in the comment section, but now those negatives have disappeared. There is currently a 3,000-point space that can be taken, but the academician still wants to remind everyone.

Looking at the order book, we continue to hold our short position. For those who haven't entered yet, let's see how we profit first. Don't chase after rapid rises and falls; wait for key points to discuss. The daily K-line is currently pushing down towards the 70,000 mark. I mentioned during the day that if 70,000 cannot hold, we will continue to look down. The monthly line is about to close, and the daily K-line is diving down, paying attention to the EMA15 trend support at 68,500. The MACD volume is decreasing, and the DIF and DEA are contracting at high levels. The upper Bollinger Band at 72,500 has turned into a resistance level after being breached. The middle track support is at 67,800. The KDJ has a high probability of forming a death cross after losing 70,000, so we continue to hold our shorts.

The four-hour K-line provided three possibilities yesterday, ultimately choosing an M pattern that broke down through the EMA30 trend support at 70,500. The next EMA60 support point to watch is 69,350 and EMA90 support at 68,500. The MACD is decreasing in volume, and the DIF and DEA are breaking down at high levels, forming a death cross and expanding the trend. The Bollinger Band is contracting, and the K-line has broken down through the middle line at 71,500. The lower track support is at 69,500. The overall trend is dominated by bears, and there has been no precise stop-loss before continuing to hold. In terms of strategy, pay attention to the order book around 68,000 before deciding whether to take profits.

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

For the upper range of 73,000 to 72,000, continue to hold short, defending at 74,000 to adjust positions, with a stop-loss of 500 points. The target is 70,000 to 69,000, and if broken, look at 68,500.

For the lower range of 68,000 to 68,500, go long, defending at 67,500 to add to positions, with a stop-loss of 500 points. The target is 69,500 to 70,000, and if broken, look at 71,000.

Specific operations should be based on real-time order book data. For more information, you can consult the author. There may be delays in article publication, and the suggestions are for reference only; 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. Don't let the profits that should be yours slip away. There is no need to be smarter than the market; when a trend comes, respond and follow 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 excellence, 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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