As a veteran in the cryptocurrency space, I have been deeply involved in this captivating and challenging industry for many years. Having experienced the ups and downs of the crypto market and witnessed the rise and fall of countless cryptocurrencies, I have accumulated rich practical experience and unique market insights. Investing is a long-term practice, and this is especially true in the cryptocurrency space. Continuous learning and improving one's cognitive and judgment abilities are essential to navigate this challenging field steadily.
Old Yang from the Crypto Circle: Bitcoin Market Analysis on November 21, 2024
Recently, the daily K-line has shown an overall trend divergence, with key indicators issuing warnings. The EMA12 trend line has dropped to 88,900, and the EMA26 has broken below 82,000, indicating increased downward pressure in the market. The MACD top divergence remains unchanged, with the DIF and DEA showing a contraction at high levels, suggesting a lack of upward momentum. The upper Bollinger Band has exceeded 100,000, with the middle band at 82,500, indicating a narrowing price range. The KDJ is in a state of extreme contraction, with the bulls and bears locked in a stalemate.
The four-hour Bitcoin chart shows alternating bullish and bearish signals, with 92,000 and 91,300 becoming key support levels to watch for pullbacks. The M pattern remains questionable and needs time to verify. The MACD top divergence continues with narrowing volume, and the DIF and DEA on the zero axis indicate that the bullish advantage is gradually weakening. After breaking the upper Bollinger Band at 95,200, the K-line has returned to the channel, with the middle band at 92,250 and the lower band at 89,340 awaiting confirmation of support. In terms of operations, if the resistance level holds, short positions can be cautiously tested.
Short-term Strategy:
Short from 94,000 to 94,700, add to the position at 95,200, stop loss at 500 points, target 91,500.
Long from 89,800 to 89,200, add to the position at 88,700, stop loss at 500 points, target 92,500.
Disclaimer: The above analysis represents the author's personal views and does not constitute specific operational advice. Trading based on this analysis is at your own risk; investing carries risks, and caution is advised when entering the market.
This article is exclusively planned and published by Old Yang from the Crypto Circle. For more real-time investment strategies, spot contract trading techniques, and operational skills, feel free to consult me for learning and exchange. I have focused on BTC, ETH, and altcoin spot contracts for many years and hope to help you achieve remarkable results!
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