Cryptocurrency Circle Li Ying: On November 10, Bitcoin retraced to support for re-entry. Can it start a new round of upward momentum under the pressure of 77,000? Latest market analysis

Article published on 2024.11.10 ---- 08:20

Current Bitcoin price is 76,700. Li Ying's strategy remains effective; following the trend after retracing to support allows for continued entry. The target is to reach the previous resistance level to take profits, allowing for multiple short-term gains without worrying about holding positions for too long. Yesterday, the wait for a retracement only saw a drop below the first support point of 76,000. Originally, the plan was to wait for 75,000 to enter, but it directly rebounded, so the position was established at 76,000. Everyone understands that persistent attacks on resistance levels will eventually break through, indicating that the bullish sentiment remains strong. Let's look at today's market.

First, from the price trend analysis, the current candlestick pattern shows a clear upward trend, especially from Thursday to Friday, where the price rose from 75,580 to 76,895. The highs have been gradually increasing from the day before until a slight retracement occurred in the early hours of the 10th. The technical indicator MACD histogram peaked on Friday and began to shorten, indicating a weakening of bullish momentum, which may lead to an adjustment phase.

The Relative Strength Index (RSI) is hovering around 70, close to the overbought zone, necessitating caution regarding potential retracement risks. The trend indicator currently shows the price above the EMA7, and EMA7 is greater than both 30 and 120, presenting a typical bullish arrangement. Li Ying continues to support a bullish trend. Looking at the trading volume, it increased on Friday and then decreased, indicating high market activity but signs of cooling. The main force is clearly accumulating positions, and since there are no significant signals of volume expansion or contraction, Li Ying suggests continuing to follow the trend with a focus on buying on retracements.

Today's reference points:

Long entry at 75,000, stop loss at 74,000, target at 77,000.

Short entry at 77,000, stop loss at 78,000, target at 75,000.

Reason: The first target for going long is the previous low at a round number, with the stop loss at the EMA30 trend line for stronger support. If it breaks, take the stop loss. Li Ying still recommends primarily focusing on going long with the trend, while shorting is for reference; aggressive traders can follow, while conservative traders should avoid shorting. The content of this article is time-sensitive and for reference only; risks are to be borne by the reader.

The above analysis by Li Ying is based on market data and trend analysis and is for reference only, not constituting investment advice. For family members' reference. Over the past ten years, Li Ying has continuously explored and experienced hundreds of different digital assets. Throughout this process, Li Ying 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, Li Ying feels a responsibility to share her insights, hoping to help others with dreams find their place in this unpredictable market and embark on their own successful journey.

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