Cryptocurrency Li Ying: On November 10th, Bitcoin tested support again to re-enter the market. Can it launch a new round of upward momentum under the pressure of 77,000? Latest market analysis

Article published on November 10, 2024 ---- 08:20

Current Bitcoin price is 76,700, and Li Ying's strategy remains effective. After testing support and following the trend, one can continue to enter the market. The target upper pressure point is to take profits before reaching this level. This way, one can make several short-term trades without worrying about holding positions for too long. Yesterday, the market was waiting for a pullback but broke below the first support level of 76,000. Originally, the plan was to wait for a buy-in at 75,000, but it directly corrected upwards. Therefore, I could only enter a base position at 76,000. Everyone understands that persistent attacks on the pressure level will eventually break through, indicating that the bullish sentiment remains strong. Let's take a look at today's market.

First, from the price trend analysis, the current K-line 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 pullback occurred in the early hours of the 10th. The technical indicator MACD histogram peaked on Friday and began to shorten, indicating a weakening bullish momentum, possibly entering an adjustment phase.

The relative strength index (RSI) is hovering around 70, close to the overbought zone, requiring caution for possible pullback risks. The trend indicator currently places the price above EMA7, and EMA7 is greater than 30 and 120, showing a typical bullish arrangement. Li Ying continues to support the bullish trend. Looking at the trading volume, it expanded significantly on Friday but then decreased slightly, indicating high market activity but signs of cooling down. The main force is obviously accumulating positions. Since there are no obvious signals of increased or decreased volume, Li Ying suggests continuing to buy on pullbacks following the support.

Today's reference points:

Long entry point at 75,000, stop-loss at 74,000, stop-loss at 73,500, target at 77,000.

Short entry point at 77,000, stop-loss at 78,000, stop-loss at 78,500, target at 75,000.

Reason: The first target for going long is the previous low integer level, with the stop-loss point at the EMA30 trend line, which provides stronger support. If it breaks, stop-loss will be triggered. Li Ying still suggests that everyone primarily follow the bullish trend, while the short reference is mainly for aggressive traders; cautious traders can remain long.

The above analysis by Li Ying is based on market data and trend analysis of the price board, for reference only, and does not constitute investment advice. For reference by family members $BTC #比特币行情分析