Bitcoin Market Analysis on October 30
1. Overall Trend Overview
Bitcoin is hovering in the range of £60,000 to £65,000, sometimes climbing and sometimes sliding, stimulating investors' nerves like a rollercoaster. The Bitcoin price once approached the £50,000 mark, sparking discussions in the market about whether the bull market feast of 2023 has 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 Bitcoin price surged like a wild horse, soaring over three thousand points in a short time, closely approaching the high of £73,660. This fierce offensive has shaken the market, and investors are speculating whether Bitcoin is about to start a new round of upward trends.
3. Technical Interpretation and Forecast
On the daily chart, Bitcoin formed a large bullish candlestick yesterday, successfully opening the gap of the upper Bollinger Band, indicating that bullish forces seem to be quietly recovering. The high of £73,660 acts as an insurmountable barrier, and the Bitcoin price is currently under pressure, oscillating around £72,350.
The 15-minute EMA is showing an upward expanding trend, providing solid support for the candlestick. The resistance above in the short term is clearly visible, located around the £73,000 level, while the MACD indicator shows obvious signs of volume increase, with DIF and DEA expanding at high levels, and the Bollinger Band also expanding upwards and breaking the pressure level of £72,100.
On the four-hour candlestick chart, a shooting star pattern has appeared, suggesting that the market may be brewing a scheme to raise prices for selling. The EMA15 trend support is around £70,300, while the MACD is encountering resistance, with DIF and DEA expanding at high levels, hindered at £73,500, further intensifying market concerns.
BONK
Amid Bitcoin's volatile market, another cryptocurrency, BONK, has quietly emerged. Multiple moving averages have converged, and the price has stabilized after effectively breaking through. The weekly MACD has formed a golden cross, and the daily MACD is also preparing for a golden cross above the zero axis, accompanied by a golden cross in the daily KDJ, indicating that BONK may welcome a considerable increase.
- Entry Point: £0.00002-£0.000022
- Take Profit Point: £0.000033-£0.000044
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