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Currency Circle Academician: Bitcoin (BTC) Latest Market Analysis for April 24, 2024:

The market yesterday was indeed sluggish. After waiting for a day, I positioned myself in the range of 66000 to 66500, but in the end, I could only exit near the 67000 resistance level. The continuous consolidation indicates that the market has been hovering around the 67000 level, showing strong pressure at this position. The concentration of the main force at this position exceeded expectations. It can be seen that the continuous probing of the upper resistance level in the order book has formed a head and shoulders pattern. Because the market has been in a stage of virtual breakthrough at the resistance level, only a small position can be established in advance, waiting for the opportunity to add to the position if the support below is not broken.

As of the time of writing, Bitcoin is currently under pressure near 66900. The daily K-line has been blocked at this level for three consecutive days, but fortunately, it has been standing above the EMA trend indicator. Currently, attention should be paid to the support level near 66200. If it holds, the bulls can position themselves. If it breaks, the market will reverse. The KDJ is diverging upwards, and after the MACD volume increases, the DIF and DEA form a golden cross. The exchange point of the 66500 line of the Bollinger Band's midline has been sustained, expanding the upside and downside space. The strong bullish sentiment in the market is not a good sign. It is recommended that everyone build positions rationally and always set stop-loss orders to prevent sudden market changes.

The four-hour K-line has moved away from the EMA trend indicator and stretched upwards. The overall trend has started to alternate upwards and entered an upward channel. If the 66000 support level holds, the bulls will continue. The KDJ is converging upwards, forming a divergence with the MACD, which is currently trending downwards. The DIF and DEA are forming a high-level convergence and alternating pattern. The pressure range can be basically determined near 66500. Therefore, the most stable approach can be taken, positioning long positions near the support level below, and setting stop-loss orders. After the Bollinger Band moves upwards, the K-line will stretch around the upward channel. Pay attention to the upper resistance level of 67200 and the lower support level of 66000, a round number.

Specific operational suggestions are as follows:

Long entry reference point: Position between 66300 and 66600, with the first target at 67000 to 68300 range.

After breaking through, look at the 69000 to 70000 round number level, with a stop-loss at 59900 (breaking through the 66000 round number level may indicate a trend reversal. In this case, consider exiting with a small loss. If the support is not broken, continue to hold and take profits normally).

Short entry reference point: 70500 to 71000 range, with a stop-loss at 71500. Take profits around 500 to 1000 points, self-operated. The entry point is relatively high because the earlier high point is at this level. It is not recommended to go short before reaching this level in the short term, unless the trend breaks the 66000 trend line. In this case, consider following the trend to go short. Before that, it is recommended to continue the long position layout on the pullback.

Specific operational strategies are mainly based on market data. For more information, please consult the author. The publication of the article is delayed, so it is recommended for reference only. Please bear the risks.

This article is exclusively contributed by the Currency Circle Academician and represents the Academician's exclusive viewpoint. In-depth research has been conducted on BTC, ETH, DOGE, DOT, FIL, EOS, etc. Due to the timing of the article's release, the above viewpoints and suggestions are not real-time and are for reference only. Please bear the risks. Reprinting should indicate the source. Please control your positions reasonably and avoid heavy or full positions. The Academician also hopes that investors understand that the market is always right. If you make a mistake, you should reflect on your own problems and not let the potential profits slip away. There is no need to be smarter than the market in investment. When the trend comes, follow it; when there is no trend, observe and wait. It is not too late to act after the trend becomes clear. Tomorrow's success comes from today's choices. Heaven rewards hard work, earth rewards kindness, people reward sincerity, business rewards trust, industry rewards precision, and art rewards heart. Gains and losses are all in the details. Develop the habit of strictly setting stop-loss and take-profit orders for each trade. The Currency Circle Academician wishes you a pleasant investment journey!

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