Liying in the Crypto Circle: Stepping Back from Greed on November 5, Rationally Taking Profits! The Bitcoin drama is about to unfold, who can rise to the occasion? Latest Analysis

Article published on November 5, 2024 - 07:00 AM

Current Bitcoin price is 67,900. Many people said they exited too early yesterday morning, wishing they had held on to 67,000. Human nature is like this, driven by greed. Yesterday, Liying suggested a strategy of going long above 68,000 and adding more at 67,000. Before publishing, it surged to 68,000 and then pulled back, resulting in a small average gain of only 500 points. This time, Liying chose to rationally take profits. If the market tests the bottom at 66,500 again, Liying will still choose to enter.

Looking at the price trend, the K-line pattern already shows a clear downtrend, especially after the significant correction at the beginning of November, with prices continuing to decline. When choosing to go long at low support levels, it is essential to select key support. The daily chart shows consecutive bearish candles, indicating heavy selling pressure, and the selling pressure has not yet ended. The technical indicator MACD on the 4-hour cycle is in the negative zone, with both DIF and DEA diverging downwards, clearly indicating a bearish market in the short term.

The Relative Strength Index (RSI) is hovering around 35, close to the oversold zone, but has not yet entered extreme oversold territory, indicating a demand for a rebound in the short term. The market also needs a rebound, suggesting that positions can be established at support points, as long as proper precautions are taken. The trend indicator shows the current price below EMA7, with EMA30 and EMA120 also in a bearish arrangement. The trading volume significantly increased during the recent sharp decline, indicating a large amount of selling at this level. This position is in a phase of heavy control by the main force, so Liying is unwilling to take risks and instead chose to clear positions after securing over 500 points, waiting for opportunities to follow the main force.

Today's reference points:

Long at low 66,500, with a stop loss at 65,500 and a target of 68,000.

Short at high 69,000, with a stop loss at 70,000 and a target of 67,500.

Reason: Liying chooses to enter long positions when breaking below previous levels, while shorting near the EMA30 trend line where selling pressure exists. Everyone understands the importance of the 70,000 mark as a defensive point; if it breaks, then consider stop-loss situations. The content of this article is time-sensitive and for reference only; risks are borne by the reader.

The above analysis by Liying is based on market data and trend analysis, for reference only, and does not constitute investment advice. For family members' 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 help others with dreams find their place in this unpredictable market and embark on their own successful journey.

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