Crypto Market Analysis: 126,000 Bitcoin bulls are still shouting, the future looks bright! Don't get off the ride! Latest market analysis

Article published on 2024.12.6—02:20

Current Bitcoin price is 101,350, Bitcoin has refreshed its historical record, are the bulls still here? This is the most common message received by our team today. However, we had a take-profit order set at 100,000, so we did not capture the space above 100,000. Nevertheless, with a layout at 93,800, we ultimately took profits at 100,000, securing a gain of 6,200 points. Better to be satisfied than to be greedy.

Looking at the current market conditions, our analysis of the price trend indicates that the current candlestick pattern has shown a significant increase on the 5-day chart, forming a long bullish candle. However, it has retraced afterwards, indicating strong resistance above. In the 4-hour timeframe, the price has tested the high near 103,000 multiple times without breaking through, suggesting that a short-term adjustment may be ahead. The technical indicator MACD shows that both DIF and DEA are positive and continuing to rise. The MACD histogram is showing red but with signs of shortening, indicating that upward momentum is weakening, and it may enter a consolidation or slight pullback phase.

The Relative Strength Index (RSI) at 14 is approaching the overbought area at 64.7, suggesting that there may be a need for a pullback in the short term, but overall, it remains in a relatively strong zone. The trend indicators EMA7, EMA30, and EMA120 are all in a bullish arrangement, with the price above all moving averages, indicating a positive long-term trend. Attention should be paid to the support role of EMA7; if it breaks below, it may further test EMA30. Those who haven't entered the market can wait for a pullback to get in. Trading volume has increased along with significant price fluctuations, indicating enhanced market activity. The bullish trend remains steadfast. We advise everyone not to change their determination to follow the upward trend.

Today's predicted points

Long entry at 100,000, add long at 99,000, stop at 98,500, target at 97,000.

Short entry at 103,500, add short at 104,500, stop at 105,000, target at 100,000.

The above is a brief analysis by our team regarding the current market conditions for investors' reference.