Li Ying in the Crypto Circle: Bitcoin Trend Remains Unchanged on November 16, When Will the Bearish Threat Disappear? Latest Market Analysis

Article Published on 2024.11.16—02:15

The current price of Bitcoin is 89,560. The strategy from yesterday's article suggested a long position at 85,500, which was not executed, while a short position at 90,500 was taken. The target was set at 87,000 but was not reached. After breaking below 88,000, a rebound occurred, and profits were taken near 88,800. Support was not broken; instead, it rebounded and broke the moving average resistance. However, there is still an overall space of 1,700 points, which is relatively good considering the intraday volatility.

Currently, the price trend judgment indicates that the K-line pattern is oscillating at a high level. On the 13th, a long upper shadow appeared, showing significant selling pressure above. The K-line showed signs of rebound yesterday and today, but overall it remains below the previous high. The technical indicators MACD currently show both DIF and DEA as negative values, and the MACD histogram is gradually shortening, indicating a weakening of bearish momentum. Li Ying reminds everyone that there is a high probability of a golden cross forming, and it cannot be ruled out that Bitcoin may once again challenge its historical high.

The Relative Strength Index (RSI) fluctuates between 50-60, not entering the overbought or oversold zones, indicating a neutral to bullish market sentiment. The trend indicator EMA price is currently above EMA7 but close to it, while EMA30 and EMA120 are far below the current price. The short-term trend is upward, and the medium to long-term trend remains strong. Therefore, Li Ying's strategy is simple: go with the trend. There is no need to overthink trading; just follow the trend to choose entry points. The trading volume on the market does not show significant signs of expansion or contraction. After the main force raised the price earlier, they have already sold part of their holdings, and the price has pulled back to a relatively good support point. It is reasonable to expect another stretch to challenge the historical high.

Today's Li Ying Point Prediction

Long position at 88,000, add to long at 87,000, stop at 86,500, target 90,000.

Short position at 91,000, add to short at 92,000, stop at 92,500, target 89,000.

The above is a brief analysis by Li Ying regarding the current market situation for investors' reference. Over the past ten years, Li Ying has continuously explored and experienced hundreds of different digital assets. Throughout this process, Li Ying has witnessed the brilliance of bull markets and the gloom of bear markets, accumulating countless valuable experiences and profound lessons along the way. As a female trader striving in this challenging field, Li Ying feels a responsibility to share her insights, hoping to help others with dreams find their place in this unpredictable market and embark on their own journey to success.

The content of this article is time-sensitive and for reference only; risks are borne by the reader.

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