The essence of trading is survival, followed by 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 cryptocurrency community may not make you rich overnight, they can help you sustain your presence. Only those who survive in the cryptocurrency space for the long term and persist until the end can achieve the results they desire. I hope you understand.
I am a warrior in the cryptocurrency community, always protecting the retail investors. I wish my followers financial freedom in 2024. Let's work hard together!
Cryptocurrency Community Scholar: November 7, 2024 Bitcoin (BTC) Latest Market Analysis
The current price of Bitcoin is 75,000. As mentioned yesterday, Bitcoin has entered the short-selling hunting zone, and you can start hunting. Entering at 73,500 and adjusting positions later, most students have adjusted their average price to above 75,000, with only a few students having an average price around 74,000. Continue to hold. Short-selling hunting is not a one-day effort. The initial target is to look at the support between 71,500 and 72,000 before deciding whether to take profits, with a key reference point at the major support level of 69,000.
Looking at the current daily candlestick chart, it broke the historical high last night, reaching 76,400, and then retraced to 75,000, consolidating. The EMA15 trend support has stretched to 70,300, and the trend 30 has reached 68,500. There is a vacuum zone of 2,000 points in between. The MACD is showing an upward trend with increased volume, accompanied by a divergence at the top, indicating that a reversal could happen at any time. Be patient and wait for the trend to arrive. I mentioned before that after breaking the Bollinger Bands, it would return to the Bollinger channel. Currently, the fast line has returned to the upper Bollinger Band around 74,450 and will soon return to the channel. The mid-line support to watch is 69,500.
The four-hour candlestick chart has started to retrace, continuously pulling back. Pay attention to the neckline at 74,300. If it breaks, those who haven't entered can short at this point. Watch the EMA15 fast line support at 72,700 and the trend indicator EMA30 support at 71,450. The KDJ has formed a death cross, and the larger trend is in the overbought zone. At this time, trying a short position is not wrong. As I said before, when the market enters our trading range, we can try a position. We are doing the right thing.
Layout reference: The trend layout for high-level short hunting has begun. The market is not 100%, so always set stop-losses; safety first. Small losses and big profits are the goal.
Holding shorts from 75,000 to 75,500, defending at 76,400 for position adjustment, with targets looking at 72,500 to 71,500, and if broken, looking at 70,000 to 69,500.
Still, the same advice: do not chase the highs, adjust positions and continue shorting to pull up the average price. Make good use of the advantages of high leverage and low position. After adjusting positions, hold on, and focus on trend trades rather than ultra-short ones.
Specific operations should be based on real-time market data. For more information, you can consult the author. There may be delays in article publication; the suggestions are for reference only, and risks are borne by you.
This article is exclusively contributed by the Cryptocurrency Community Scholar and represents the scholar's unique perspective. 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 you. Please indicate the source when reprinting. Manage your positions reasonably and avoid heavy or full positions. The scholar also hopes that all investors understand that the market is always right. If you are wrong, you should reflect on where the problem lies. Do not 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. Hard work is rewarded by heaven, goodness by earth, sincerity by humanity, trust by commerce, excellence by industry, and heart by art. Gains and losses often occur unexpectedly. Develop the habit of strictly setting stop-losses and take-profits for each trade. The Cryptocurrency Community Scholar wishes you happy investing!
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