Date: November 2, 2024
Pay attention to key long and short battle positions; if supported, it will build a bottom and attack upward, but if broken, the bearish trend will continue.
Technical Analysis
Daily Level: Yesterday's U.S. macro data stimulated price recovery, but the bearish trend has not changed, and the daily line still closed with a bearish candle. Yesterday’s movement continued the bearish top structure, running to the EMA15 moving average for support. Currently, the EMA15 moving average (around 68800) is a key long and short battle position; bulls can attempt to build a bottom near this position (indicated by the red circle in the chart) and continue to attack to test the high point of 73700. However, if this area is broken by bears, the top reversal structure will continue, looking towards the smaller target level (around 66000), with the larger target level at the upper edge of the Vegas channel (around 62800).
4-Hour Level: The 4-hour level is starting to form a bottom structure; both CCI and MACD have bottom structure expectations, but caution is still needed regarding the bearish trend at the daily level. If the bottom rebound faces resistance at price levels that are difficult to break, it is best for long positions to exit decisively. Currently, the resistance of the 4-hour EMA15 (around 70000) is important; watch if the bottom rebound can break through this area.
Simplified Version
Currency: BTC
Date: November 2, 2024
Technical Analysis:
Indicators: EMA15 + Vegas Channel + CCI + MACD
Conclusion: Pay special attention to the key long and short battle position at 68800.
Resistance Levels: ① Around 70000
② Around 73700
Support Levels: ① Around 68800
② Around 66000
