Cryptocurrency Circle Liying: On November 27, Bitcoin counterattacks from the bears, is a rebound demand imminent? Latest market analysis

Article published on 2024.11.27—01:30

Current price of Bitcoin is 93,750. Let's review yesterday's results. The market failed to hold at 96,000, leading to a sharp decline, ultimately breaking the key support at 93,000. I took a short position and closed it after it fell below 92,000, and the trading record has been updated for reference. As for the reversal long at 91,500, the first target is 95,000 to see if it can break, then decide whether to take profits. The bullish trend has maintained the trend support at 91,500, indicating that the larger trend has not broken. The short position cannot be considered a bear attack, so the main strategy is to go long, with much larger potential. Although there is a 2,000-point profit available at any time, Liying believes there is no rush to continue looking upward.

Now let's look at the upcoming analysis. Liying will still analyze from the price trend. You can also see that the current candlestick pattern shows a clear downward trend. After two days of significant pullback, the price is currently fluctuating between 93,000 and 95,000. The main players have mostly taken profits, and the market has digested this. The large-scale support has been reached, with the bullish bottom line at the 90,000 mark. In the 4-hour cycle, several long upper shadows have appeared, indicating heavy selling pressure above and a bearish market sentiment. As long as the large-scale neckline does not break, Liying will firmly position long orders at key points, remembering to set stop losses.

The technical indicator MACD shows that the bearish strength is dominant in the short term, and the short position has not ended, with further downside potential. However, from the overall trend, 91,500 is currently a very good entry point, so there is no need to rush. The relative strength index (RSI) is currently at 41.9, close to the oversold area but not yet in extreme oversold territory. There will be a demand for a rebound in the short term, so Liying suggests waiting for the rebound to assess the strength before deciding. The trend indicator price is hovering near EMA7, with EMA30 and EMA120 forming pressure and support bands. The short-term trend is constrained by the pressure of EMA30. Liying's view is that the market is very likely to consolidate above 90,000, with resistance forming at 95,000. The strategy can be to short at highs and long at lows.

Today's Liying point prediction

Long entry at 92,000, add long at 91,000, stop at 90,500, target 95,000

Short entry at 95,000, add short at 96,000, stop at 96,500, target 92,000

The above is Liying's brief analysis of the current market situation for investors' reference. Over the past ten years, Liying has continuously explored and experienced hundreds of different digital assets. Throughout this process, Liying 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, Liying 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 successful journey.

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

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