Pionex Analysis: Strong Signals from Multiple Forces for Bitcoin! Does This Indicate an Imminent Rebound? Latest Market Analysis

Article Published on 2024.12.10—01:10

The current price of Bitcoin is 98,100, with bullish momentum showing signs of weakening, and the market is beginning to show signs of a downward correction. However, the larger trend has not yet been broken, so the strategy is to look for bullish entry points after a pullback. In yesterday's article, the suggested entry point was 98,000, and ultimately, a profit of 2,000 points was realized at the 100,000 mark. No short positions were entered; the original plan was to set up shorts above 101,500, but the market declined throughout the evening, breaking below 98,000, indicating further potential for a bottom test. Therefore, the decision is to wait for clear support before continuing to enter long positions as the main strategy.

Looking at the analysis, we start with price trend analysis. Currently, the candlestick pattern is oscillating at a high level, with a long upper shadow appearing yesterday, indicating significant selling pressure above. A clear upward wave was formed between the 6th and 8th, but it subsequently retraced to around 98,000. In the four-hour MACD cycle, both the DIF and DEA are trending downwards, and the MACD histogram is negative, indicating a certain level of bearish pressure in the short term, with further downside potential.

The relative strength index (RSI) is currently around 44, in a neutral to weak area, not yet entering the oversold zone, indicating that market sentiment is relatively cautious. The trend indicator EMA shows the current price is close to EMA7 but below EMA30 and EMA120, suggesting a weak short-term trend, while the medium to long-term still maintains a bullish arrangement. The trading volume on the 9th significantly increased, especially during the price surge and subsequent pullback, indicating fierce competition between bulls and bears. However, it has been observed that overall market activity has clearly increased, so the bullish trend remains intact. A short-term pullback is necessary for the market, and we can take this opportunity to continue positioning for medium to long-term trades, primarily bullish with some bearish positions.

Today's Price Predictions

• Long Entry at 96,000, add long at 95,000, stop at 94,500, target 100K
• Short Entry at 100,000, add short at 101,500, stop at 103,500, target 99,800

The above is a brief analysis of the current market conditions for reference by investors. Over the past ten years, continuous exploration has led to the experience of hundreds of different digital assets. Throughout this process, I have witnessed 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, I feel a responsibility to share my insights, hoping to assist others with dreams in finding their place in this ever-changing market and embarking on their own successful journey.

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

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