Crypto Circle Liying: On November 27, Bitcoin strikes back from the bears, is the rebound demand imminent?
Time 01:30
Current Price 93750, let's review yesterday's results. 96000 was not maintained, leading to a sharp decline, breaking through the critical support of 93000. I took a short position in line with the trend and closed the position for profit after breaking below 92000. The trading record has been updated for reference. As for going long at 91500, the first target is 95000 to see if it can break, and then decide whether to take profits. The bullish trend has maintained the trend support at 91500, indicating that the larger trend is still intact. The short position cannot be considered as a bear attack, so the main strategy is to go long, and the potential is definitely much larger. Although there is a possibility of taking profits with a 2000-point gain at any time, Liying believes there is no rush to continue looking up.
Liying is still analyzing the price trend. You can also see that the current K-line pattern shows a clear downward trend. After two days of significant correction, the price is currently fluctuating in the range of 93000 to 95000. The main players have almost digested their profits, and the large-scale support has been reached. The bottom line for bulls is at the 90000 level. In the 4-hour cycle, several long upper shadows have appeared, indicating heavy selling pressure above, and the market sentiment is leaning bearish. As long as the large-scale neckline does not break, Liying will firmly position long trades at key points, remember to set a stop loss.
MACD indicates that the bearish strength prevails in the short term, and the short position has not yet ended, with further bottom-testing possible. However, from the overall trend perspective, 91500 is currently a very good entry point, so there is no need to rush for now. The relative strength index (RSI) is currently at 41.9, close to the oversold area, but has not yet entered extreme oversold conditions. A rebound demand is expected in the short term, so Liying suggests waiting for the rebound and assessing strength before deciding. The trend indicator price is hovering near EMA7, with EMA30 and EMA120 forming pressure and support bands. The short-term trend is constrained by the pressure of EMA30. Liying’s view is that the market is likely to consolidate above 90000, with pressure forming at 95000. The strategy can be to short at highs and go long at lows.
Today's Liying point forecast
Long entry at 92000, add long at 91000, stop at 90500, target 95000
Short entry at 95000, add short at 96000, stop at 96500, target 92000