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 27, 2024
Bitcoin is consolidating between 94670 and 90825 on the daily chart, retracing to the support of the EMA12 and the ascending triangle trendline, with the EMA still showing a bullish trend. However, danger signals are frequent, with MACD showing a top divergence and decreasing volume, DIF and DEA crossing bearishly, and the Bollinger Bands contracting with the middle line around 90000. KDJ is trending downwards, and higher-level indicators are shifting from bullish to bearish. At this moment, is it a bear trap, or has the trend reversed? Only if the price breaks below the key support of 88000 can the mystery be unveiled. Investors seem to be shrouded in fog, waiting cautiously, closely monitoring the trend, and awaiting the market's decision to find the best opportunity.
The four-hour chart for Bitcoin is currently at a critical position, with the next support level at 89500 worth watching. In terms of technical indicators, MACD is showing a decreasing trend with reduced volume, DIF and DEA have fallen below the 0 axis and entered a downward channel, and the lower Bollinger Band has lost support at 91000 and is expanding downwards, with the middle line pressure at 95470. The short-term market is about to enter the oversold zone, and once extreme overselling occurs, the probability of a rebound increases significantly. In this situation, aggressive investors may consider shorting, while conservative investors might wait for a bottom test at 90000 before seeking good entry opportunities. The market is ever-changing, and all parties need to respond cautiously.
Short-term Strategy:
Buy between 90500 and 90000, add positions at 89300, stop loss at 500, target at 93500.
Sell between 94700 and 95000, add positions at 95800, stop loss at 500 points, target at 93500.
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 involves 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, you can consult the author 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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