Crypto Circle Liying: 11.24 Bitcoin Short Squeeze Crisis, Patience is Key, a Perfect Opportunity to Rebound to Support Level!
Article Release Time: 2024.11.24—01:40
Current Bitcoin Price: 98000, the market has been consolidating at a high level all day yesterday without a suitable entry point. Liying chose to be patient and opted to enter the market just before publication at the short-term trend's pullback to the support level of 97700. The short-term resistance point above is at 98400 as the first target; if it doesn't break, you can exit, and if it does, you can continue to look upward. Remember, as long as the overall trend remains unchanged, all pullbacks are just short squeezes. What we need to do is manage stop losses and be cautious when entering at the support level.
Looking at the price trend, you can see that the K-line pattern mentioned by Liying has been oscillating at a high level, with multiple long upper shadow K-lines appearing, indicating heavy selling pressure from above. This is a normal behavior of raising prices to unload. After the main force took profits at 99500, there will inevitably be a pullback. From the daily chart, there was a clear pullback trend formed from the 21st to the 23rd, with high points gradually decreasing. The technical indicator MACD's 4-hour fast and slow lines are continuously declining, and the green bars are widening, indicating that bearish momentum is strengthening in the short term. The main force is realizing profits and a pullback to support at 97500 is expected to see a rebound.
The Relative Strength Index (RSI) has retreated from the overbought zone and is currently in a neutral area, but it shows a continued downward trend. The trend indicator EMA has the current price breaking below EMA7 and nearing EMA30. If it cannot find effective support, it may further test EMA120. Trading volume on the 22nd and 23rd significantly increased, especially during the pullback process after the spike on the 21st, indicating increased market divergence. In recent trading sessions, trading volume has decreased, and as volume decreases, market fear can be digested over time. The larger trend remains unchanged, and the strategy of looking to buy on pullbacks at support will not change.
Today's Liying Price Prediction
Buy Point: 96000, 94500 to add more, Stop Loss: 94000, Target: 99000
Sell Point: 99000, 100000 to add more shorts, Stop Loss: 101500, Target: 98000
The above is Liying's brief analysis of the current market situation for investors' reference $BTC
