Cryptocurrency Circle Li Ying: Short-term fluctuations on November 2nd, long-term rise, how will the Bitcoin market unfold? Latest market analysis

Article published on 2024.11.2—01:30

The current price of Bitcoin is 69,700. Li Ying will first review the thoughts shared yesterday. Yesterday, Li Ying suggested going long at 69,000, and the market's lowest point was 68,800, which can be considered within expectations. The only thing is that the highest point broke 71,600, but unfortunately did not reach 72,000. We chose to exit at 71,500, securing a 2,500-point gain. It's important to take profits and not be too greedy in trading; one must remain rational. A fan asked if they could enter the market again as it returned to 69,000. Let's see Li Ying's explanation next.

First, from the price trend analysis, the current K-line pattern is fluctuating around 70,000, forming a short-term consolidation range, which is quite clear. You can take a look at the market. The technical indicators on the 4-hour cycle show that the MACD histogram has turned from negative to positive, indicating a weakening of bearish strength and a potential bullish momentum starting, suggesting that there is significant support at 69,000. Therefore, entering the market at 69,000 is still valid.

Next, looking at the Relative Strength Index (RSI), the value is close to 50, in a neutral zone, with no obvious overbought or oversold signals. The market may enter a sideways period. Li Ying believes it is suitable for swing trading, with a range of 1,000 points to trade back and forth. The trend indicator EMA is currently hovering between EMA7 and EMA30, while EMA120 is far below the current price, indicating that the long-term trend is still upward, but short-term consolidation is occurring, and trading volume has temporarily entered a wait-and-see state.

Today's point prediction: Swing trading is emerging.

Long entry at 69,000, add long at 68,000, stop loss at 67,500, target at 71,000.

Short entry at 71,000, add short at 71,500, stop loss at 72,000, target at 69,500.

Reason: First, the long entry point is above the previous low of 68,800 at a round number. Second, the entry point is at the integer support level after breaking the previous low, with a stop loss in place. For shorting, Li Ying chooses the previous high pressure range as the first entry point, placing the stop loss above the previous high at a round number to prevent being swept out. Safety first. The content of this article is time-sensitive and for reference only; risks are borne by the reader.

The above is Li Ying's brief analysis of 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 help others with dreams find their place in this unpredictable market and embark on their own successful journey.

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