Cryptocurrency Circle Liying: The 10.2 Bitcoin Plunge Opportunity is Here! Can it rebound against the trend? Let's wait and see! Latest Market Analysis

Article published on 2024.10.2—08:50

Liying did not see the bulls yesterday; instead, the K-line broke below the EMA30 trend line, indicating a reversal of the bullish trend. Without hesitation, I went short. Although I didn't hit the take profit at 61000, I did manage to secure some profit at 62500. Currently, the market trend has returned to a major support point. As for how it will move next, you can continue to follow Liying's statements.

First, from the four-hour K-line, we can see that the current price trend analysis shows a clear downward trend, especially with the large bearish candles from yesterday and the day before forming a short-term high around 64000 before quickly retreating. It is currently hovering around 61000. In the technical indicators for the 4-hour cycle, the MACD histogram remains negative and is gradually expanding, with both DIF and DEA diverging downwards, indicating that the bears dominate in the short term.

The RSI14 indicator in the 4-hour cycle is between 20 and 30, close to the oversold zone, suggesting that the market has a demand for a pullback. One can wait for the resistance level to short or effectively long at the support level. The trend indicators EMA currently show the price below EMA7, EMA30, and EMA120, presenting a bearish arrangement, with short-term, medium-term, and long-term moving averages all exerting pressure on the price. Additionally, during the recent plunge, trading volume increased significantly, indicating severe selling pressure. Once the selling pressure ends, a new round of upward movement will begin, so it's essential to be prepared for both directions and not just focus on one; otherwise, the market will teach you a profound lesson.

Today's Point Prediction: Liying's Judgment (Bearish)

Long entry at 60000, add long at 59000, stop loss at 58500, target 62000

Short entry at 62000, add short at 63000, stop loss at 63500, target 60000

Reason: The market is currently in a selling pressure phase, so operations need to be flexible. Pay attention to the selling pressure progress bar; short at high levels before the selling pressure ends, and long at support points after it ends. The content of this article is time-sensitive and for reference only; risk is borne by the reader.

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 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, Liying feels a responsibility to share her insights, hoping to assist others with dreams in finding their place in this unpredictable market and embarking on their own successful journey.

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