Cryptocurrency Circle Liying: On October 10, Bitcoin experienced a crazy plunge: dropping from 62,000 to 60,300. Investors need to be cautious! Latest market analysis.

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1 month ago

Cryptocurrency Scholar: On October 9, Bitcoin's MACD issued a bearish alert! How to seize short opportunities in a volatile market! Latest market analysis reference

Article published on October 10, 2024 — 16:00

The dense area of the market still failed to maintain the bearish momentum, ultimately breaking below 62,000, with a low reaching 60,300. The original strategy was to maintain a sideways approach; as long as the support level held, it remained valid. Once it broke, the strategy was to short, and after breaking 61,000, the position was closed at 60,500 without holding for too long. Currently, we are waiting for opportunities, and the specific decision on whether to go long or short will depend on the pressure levels above.

Looking at the current price trend, the current candlestick pattern shows a pullback at a high level, forming a clear downtrend. The candlesticks from yesterday and the day before displayed long upper shadows and large bearish bodies, indicating heavy selling pressure in the market. It now seems that the selling pressure may be coming to an end, and we cannot rule out the possibility of another bottom test, so it is essential to remain rational.

The technical indicators show that the current MACD's DIF and DEA are both negative, and the MACD histogram continues to stay below the zero line, indicating that bearish forces are dominant. The RSI value is hovering between 30 and 40, suggesting a need for a rebound. The short-term EMA7 has crossed below the medium and long-term EMA30 and EMA120. Liying suggests paying attention to whether it can effectively break through or hold these levels before deciding on the direction; for now, it is certainly a wait-and-see approach.

Today's point prediction: Liying's judgment (wait and see)

Long entry at 60,000, add long at 59,000, stop loss at 58,500, target 62,000

Short entry at 62,000, add short at 63,000, stop loss at 63,500, target 60,500

Reason: Focus on key pressure and support levels; once broken, operate in the direction of the trend and do not counter-trade. The content of this article is time-sensitive and for reference only; risks are 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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