Cryptocurrency Circle Liying: 11.24 Bitcoin Short Squeeze Crisis, Patience is Golden, an Excellent Opportunity to Rebound at Support Level! Latest Market Analysis

Article published on 2024.11.24—01:40

Current Bitcoin price is 98,000. Yesterday, the market consolidated at a high level all day without a suitable entry point. Liying chose to wait patiently and entered the market before publication when the short-term trend retraced to the support level of 97,700. The short-term resistance point above is at 98,400 as the first target. If it does not break, one can exit; if it breaks, one can continue to look upward. Remember, as long as the major trend remains unchanged, all retracements are short squeezes. What we need to do is set proper stop-losses and be cautious when entering at the support level.

Looking at the price trend, you can see that the K-line pattern mentioned by Liying has been oscillating at a high level, with multiple K-lines showing long upper shadows, indicating heavy selling pressure above. This is a normal behavior of raising prices to offload. After the main force took profits at 99,500, there will inevitably be a wave of retracement. From the daily level, a clear retracement trend formed from the 21st to the 23rd, with high points gradually decreasing. The technical indicator MACD's 4-hour fast and slow lines are continuously declining, with green bars expanding, indicating that bearish strength is increasing in the short term. The main force took profits and retraced to support at 97,500, leading to a rebound.

The Relative Strength Index (RSI) has fallen from the overbought zone and is currently in a neutral area, but there is a continued downward trend. The trend indicator EMA has the current price breaking below EMA7 and approaching EMA30. If it cannot effectively support, it may further test EMA120. Trading volume significantly increased on the 22nd and 23rd, especially during the retracement process after the surge on the 21st, indicating that market divergence is intensifying. In recent trading sessions, trading volume has decreased, and as trading volume decreases, market fear will also be digested over time. The major trend has not changed, and the mindset of buying on retracement at support will not change.

Today's Liying Point Prediction

Long entry at 96,000, add long at 94,500, stop at 94,000, target at 99,000.

Short entry at 99,000, add short at 100,000, stop at 101,500, target at 98,000.

The above is Liying's brief analysis of the current market situation for investors' reference. Over the past ten years, Liying has continuously explored and experienced hundreds of different digital assets. Throughout this process, Liying has experienced 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 and hopes to help others with dreams find their place in this unpredictable market and embark on their own successful journey.

The content of this article is time-sensitive and for reference only; risks are borne by the reader.

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