Crypto Circle Li Ying: 11.1 Bullish Dream Shattered! Bitcoin Plummets, Where is the Key Support? Latest Market Analysis

Article Published on 2024.11.1—02:20

Current Bitcoin Price 70350, a plunge has shattered the bulls' dreams, support is unclear, and a sharp decline has occurred. It can be considered a narrow escape; I was originally prepared to go long at 71000, but it dropped too quickly. During this stable period, I chose to wait and see. The short position at 73000 was only 39 points away from entering the market. The bullish trend is still in place, although there has been a pullback. Behind the strong upward movement by the main force, there must be a large-scale pullback. Li Ying advises everyone to wait for a stop in the sharp decline before making decisions; for now, do not chase prices up or down.

Li Ying will first provide a reference from price trend analysis. Currently, the K-line pattern on the market remains in high-level fluctuations. On the 29th, when a long upper shadow appeared, Li Ying reminded everyone that there was selling pressure above and a risk of a pullback. The technical indicator MACD's current DIF and DEA values are gradually declining, and the MACD histogram has turned from positive to negative, indicating short-term pullback pressure.

The Relative Strength Index (RSI) has fallen from the overbought zone to the neutral zone, currently around 49, indicating weakened momentum. The trend indicator EMA7 is above the current price, EMA30 is close to the current price, and EMA120 is far below the current price. The long-term trend is still upward, but it may face adjustments in the short term. The overall trend remains bullish, just in a short-term pullback phase. Li Ying expects the market to pull back slightly below 70000 before continuing to rise.

Today's Point Forecast: Short at Highs, Long at Lows Routine Trading Mode

Long Entry Point 69000, 68000 Add Long, Stop Loss 67500, Target 72000

Short Entry Point 72000, 73000 Add Short, Stop Loss 73500, Target 70500

Reason: The first long entry point belongs to the previous low point, and the second entry point is a major trend support point. Breaking the bearish trend has fully opened up, with a stop loss of 500 points down to prevent being whipsawed. The first short entry point is chosen at the integer pressure point, similarly for the second. The stop loss is placed at the previous high; if broken, it could potentially break historical highs. Safety first, the article's content is timely $BTC #BTC合约