【10.31 Bitcoin Market Analysis】
From the current market perspective, Bitcoin has started to see increased volume and rise during the evening hours over the past few days. The Bollinger Bands on various K-line charts are consistently opening upwards, and the moving averages are trending upwards as well. The support at the bottom is intact, forming an ascending channel. It is important to note that the historical high position exerts pressure on the market near 73,800, forming the first resistance level. On the four-hour chart, the market has broken upwards, forming a new channel. Looking at the auxiliary indicators, the MACD dual lines are rising towards the zero axis, and the current trend is still leaning towards the upside.
However, in the short term, the daily line has closed with a long shadow candlestick, indicating a Doji pattern, which signifies a certain degree of indecision. Therefore, I do not expect a breakout in the intraday market; rather, before any upward breakout, we will likely see a pullback first.
【10.31 Bitcoin Trading Strategy Reference】
In the intraday market, we can enter short positions near the previous high level, or we can enter early with a small stop loss.
Short Position: Enter short near 73,400-73,600, with a stop loss at 73,900, and aim to exit in batches at lower levels of 72,400-71,200. If the market remains sideways around 72,500 during the daytime, we can enter short around 73,000 in the afternoon or evening, reserving space for a potential additional purchase, while keeping the target the same.
Long Position: We can position long orders within the range of 70,600-70,300, which is a 300-point interval, aiming to reduce holdings at 72,400 and then look for new highs.
—— I am the Coin King Legend, a teacher focused on analysis. If you are still struggling to accurately grasp market trends and levels and are currently in a losing situation, feel free to reach out to me for a chat.
