Crypto Circle Scholar: On October 29, is the Bitcoin high of 116380 the dawn or the dusk? Latest market analysis and short-term strategy reference
The current price of Bitcoin is 115300, it is currently 1:30 AM Beijing time. The market is consolidating at a high level, and only ultra-short trades can be made. Whether it goes south above 115500 or north below 113500, there is good space to capture. I have chosen to mainly go long in line with the trend and have not chosen to go south. The bullish trend has not ended, and patience is needed to wait for opportunities to go south.
Before the release, yesterday's K-line reached a maximum of 116075 and a minimum of 113422. After the daily line tested the EMA60 trend support at 113435, it broke the 786 Fibonacci resistance. The bullish trend continues, and MACD has continuously expanded. The DIF and DEA have formed a golden cross upwards. After the Bollinger Bands contracted, the upper track has moved down to 118750, and the middle track has also moved down to 111500. Overall, the trend shows that the bullish momentum is not finished yet and still has upward energy.
The four-hour K-line has shown four consecutive positive candles, starting to challenge the previous high of 116380. Whether it can become a double top bearish trend still requires waiting for signals to decide. At least for now, it remains a bullish trend. The MACD shows a top divergence, indicating there is still momentum to challenge the previous high. If the DIF and DEA contract at a high level and break the previous high, it will form a strong bullish trend. The Bollinger Bands are stretching upwards, with the upper track at 116560, and the middle track support to pay attention to is 113700. The strategy is to go north after a pullback, and to wait to decide on going south after the stretch ends.
Short-term strategy reference: The market is not 100% certain, so always manage your stop-loss; safety first. Small losses and big gains are the goal, especially when breaking crucial resistance and support, stop-loss is still necessary, do not hold the position.
For going north, the test entry point is between 114000 and 113500, with a defense at 113000, a stop-loss of 500 points, and the target looking at 114500 to 115000; if broken, look at 115500 to 116000.
For going south, the test entry point is between 120000 and 120500, with a defense at 121000, a stop-loss of 500 points, and the medium-term layout first target is 114000 to 110000, second target is 106500 to 102000. Short-term decisions are to be made by oneself.
Specific operations should be based on real-time market data. For more detailed information, please consult the author. The article release may have delays, and it is recommended for reference only, risk is self-borne.
