Cryptocurrency Market Analysis: Where Does the Bullish Confidence for 11.25 Bitcoin Go? From Gambler to Rationality! Latest Market Analysis

Article Published on 2024.11.25—01:40

The current price of Bitcoin is 96,000. In yesterday's article, we shared a super short position at 97,700, which was finally closed at 98,400 for a small profit of only 700 points. There is a trend of major players taking profits, so in a risk-averse situation, we choose to take small profits. A double top pattern has appeared above 98,000, and we are currently holding, targeting a drop to 95,500 to 95,000 to see if it can reach there. As long as it does not break the neckline on a pullback, we can hold on; if it breaks, we will take profits. We will proceed cautiously.

Looking at the current price trend, the candlestick pattern on the market shows a clear high-level fluctuation, with prices oscillating between 98,000 and 96,000. Now that it has dropped below 96,000, how will it proceed? The daily chart shows two consecutive bearish candles, indicating some selling pressure in the market, which is a normal correction. Therefore, short positions should not be held for too long. In the technical indicators, the 4-hour MACD cycle shows both the DIF and DEA averages trending downwards, with the MACD histogram negative, indicating short-term correction pressure. We should take advantage of this correction to short and capture some space.

The current Relative Strength Index (RSI) is about 45, in a neutral to weak area, not in oversold or overbought territory. However, the decline from previous highs shows a weakening of bullish strength. The trend indicator EMA price is currently below EMA7 but close to EMA30, which may provide support. EMA120 is far below the current price, indicating a long-term bullish trend. The trading volume shows an increase in bearish strength. Overall, we believe that the trading volume, after a significant rise, is gradually shrinking, which is a normal correction. As long as key support is not broken, the larger trend remains bullish, leaning towards a low-buy strategy. For short positions, it is recommended to choose entry points with relatively small stop-loss levels.

Today's Point Predictions

• Long Entry: 95,000, with an additional buy at 94,000, stop at 93,500, target 97,000.
• Short Entry: 97,000, with an additional sell at 98,000, stop at 98,500, target 95,500.

The above is a brief analysis by us regarding the current market situation for investors' reference. Over the past ten years, we have continuously explored and experienced hundreds of different digital assets. Throughout this process, we have witnessed the brilliance of bull markets and the gloom of bear markets, accumulating countless valuable experiences and profound lessons. As a female trader striving in this challenging field, I feel a responsibility to share my insights, hoping 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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