Cryptocurrency Market Analysis: Reversal Signals in Low Volatility on November 3rd! Comprehensive Guide to Bitcoin Trading Today! Latest Market Analysis

Article Release Time: November 3, 2024—07:00 AM

Current Bitcoin Price: 69,300. Let's review the strategy proposed by the market analyst yesterday. The analyst provided a simple band trading strategy, stating that before the article was published, the price moved within a range from 69,000 to 69,900, then returned to around the 69,000 mark, indicating that the band trading is valid and will continue today, with a fluctuation range within 1,000 points. How should we position ourselves for this band? Let's see what the analyst has to say next.

First, as always, starting with price trend analysis, the current candlestick pattern clearly shows a downward trend, especially following the significant drop over the past two days, which formed a long bearish candle. Yesterday showed signs of a halt in the decline, but overall it remains in a low volatility state, thus the band continues. The current technical indicators show that MACD is in the negative zone, with both DIF and DEA diverging downwards, indicating strong bearish pressure, leading the analyst to judge that the market is under pressure in the short term.

The Relative Strength Index (RSI) is close to the oversold zone at 43.2 but has not fully entered it, suggesting weak market sentiment and caution is needed for further downside risk. This should be proactively prevented. The trend indicator's price is currently operating below EMA7, with EMA30 and EMA120 also showing a bearish arrangement, indicating that the short-term, medium-term, and long-term trends are all downward. It would be better to consider entering long positions only after further dips, as the market has shown panic selling following a sharp drop in price and volume. Although the trading volume has shrunk somewhat, market sentiment remains cautious and lacks clear direction. It is still necessary to guard against further bottom testing, so choosing entry points just below support levels is advisable.

Today's Price Predictions: Band Trading Continues

Long Entry Point: 68,500; Additional Long at 68,000; Stop Loss at 67,500; Target at 70,000

Short Entry Point: 70,000; Additional Short at 70,500; Stop Loss at 71,000; Target at 69,000

Reason: The market is moving within a band, and all entry points are set outside of the resistance and support levels to prevent safety risks from false breakouts. Safety first. The content of this article is time-sensitive and for reference only; the risk is borne by the reader.