Bitcoin Deep Market Analysis on October 30
1. Overall Trend Overview
Bitcoin is hovering between $60,000 and $65,000, sometimes rising and sometimes falling, thrilling investors like a rollercoaster. The price of Bitcoin once approached the $50,000 mark, sparking discussions in the market about whether the bull market feast of 2023 has already come to an early end.
2. Recent Market Dynamics
Entering October, Bitcoin seems to have finally welcomed its turning point. Especially on October 29, the price of Bitcoin surged like a runaway wild horse, skyrocketing over three thousand points in a short time, nearing a high of $73,660. This aggressive momentum shook the market, and investors are speculating whether Bitcoin is about to start a new round of upward trends.
3. Technical Interpretation and Prediction
The daily chart of Bitcoin closed with a large bullish candle yesterday, successfully opening the upper Bollinger Band gap, suggesting that bullish power seems to be quietly reviving. The high point of $73,660 is like an insurmountable chasm, with the price of Bitcoin currently under pressure and fluctuating around $72,350.
The 15-minute EMA is showing an upward diffusion trend, providing solid support for the candlesticks. The short-term upper resistance is clearly visible, located around the major neckline level of $73,000. In terms of the MACD indicator, there are clear signs of increasing volume, with DIF and DEA diffusing at high levels, while the Bollinger Band is also expanding upwards and has broken through the pressure level of $72,100.
On the four-hour candlestick chart, an inverted hammer pattern has appeared, suggesting that the market may be brewing a scheme to raise prices for distribution. The EMA15 trend support is near $70,300, while the MACD faces resistance with increasing volume, and the DIF and DEA are blocked from diffusing at high levels around $73,500, further intensifying market concerns.
BONK
In the fluctuation of Bitcoin, another cryptocurrency, BONK, has quietly emerged. Its multiple moving averages have converged, and after effectively breaking through, the price has stabilized. The weekly MACD has already shown a golden cross, and the daily MACD is also preparing for a golden cross above the 0 axis, accompanied by a golden cross in the daily KDJ, indicating that BONK is expected to welcome a considerable increase.
- Entry Point: 0.00002-0.000022
- Profit-Taking Point: 0.000033-0.000044
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