2024.10.8 Market Analysis:

From a technical perspective, Bitcoin has broken through the 200-day moving average and has stabilized above the average price line of short-term holders. The range of $60,000 to $61,700 has become a key support level. If this level can be effectively maintained, the upward trend of Bitcoin will be further consolidated. At the same time, the average purchase cost line of the group holding coins for 3-6 months is also worth paying attention to. Once the price of Bitcoin breaks through $65,000, it will greatly boost market confidence. Waiting for the CPI data at 20:30 this Thursday night, if it is positive, then the market will completely reverse!

Ethereum touched above 2500, and the weekly line of Bitcoin also closed above the EMA15 moving average. The 2-day line also successfully stood on the 20-day EMA moving average yesterday. The main chart also stood on EMA15 this morning. Therefore, under the condition of multi-cycle resonance, Bitcoin has the potential to reverse and continue to move upward. I personally think that if this wave goes up, it is likely to start a trend. Therefore, judging from the current market trend, a bullish trend has formed, and there is no reason not to buy. At present, many cottages are at very low positions, and it is a good time to layout and build positions! #BTC #ETH