Brief analysis of Bitcoin market on October 7
1. Market overview
Recently, there has been some inflow of funds into the cryptocurrency market, but there is no sign of large-scale withdrawal to A-shares. Core crypto assets such as Bitcoin and Ethereum continue to attract high-risk preference funds. In the short term, these funds are expected to continue to stay in the crypto field.
2. Trend analysis
- Price dynamics: In the morning of October 7, Bitcoin attacked strongly, rising rapidly from 62,800 to 64,000, maintaining a unilateral upward trend, and there may be higher breakthroughs in the future.
Technical indicators:
- K-line pattern: 62,000-64,000 range oscillated upward, and the daily K was positive, showing strong bullish power.
- MACD: On the 4-hour chart, the bar chart turned positive, DIF crossed DEA, and the bullish signal was obvious.
- 1-hour chart: After the sharp rise in the early trading, the upper shadow line appeared, reminding investors to pay attention to the risk of callback and not to blindly chase high prices.
3. Resistance and support levels
Resistance level:
1. 64000
2. 64850 (if the volume breaks through 64000, the upside is expected)
Support level:
1. 63100
2. 62400 (touching the first support level may be a good opportunity for a pullback and short-term entry)
4. Trading suggestions: Maintain a bullish stance today and follow the trend of the 60-day and 120-day moving averages. Strategy points: Enter the market at a low level during a pullback and wait for an opportunity to break through the upper resistance. Focus on monitoring the breakthrough signal of the psychological barrier of 64000. Once it breaks through, the upside potential is expected; if it is blocked, be alert to the risk of a pullback. The trading range focuses on 63100 to 64000. Please strictly manage risks while operating.
4. Special attention: NOT coin
NOT is an oversold rebound variety with a solid bottom and has completed bottoming. The current MACD and KDJ are both golden crosses. The hourly chart level retracement can be regarded as an intervention opportunity. The profit and loss ratio is high and the long-term potential is great. The short-term, medium-term and long-term operation points are marked in the figure. It is recommended to operate accordingly.
5. Operation suggestions
Starting range: 0.007-0.008
Stop profit point:
- Short-term: 0.01
- Medium-term: 0.02
- Long-term: 0.0294
Stop loss point: 0.0068
The above suggestions are for reference only, there are risks, and you need to be cautious.
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