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Here, I wish my fans will achieve financial freedom in 2024. Let's fight together!

Cryptocurrency academician: Latest market analysis of Bitcoin (BTC) on October 12, 2024.

It is 1 pm Beijing time now. The current price of Bitcoin is 62,600, and it has fallen back after failing to break through the upper resistance at 63,500. The previous short position at 61,500 was unfortunately exited and liquidated. Since the short position attempt at 61,500 failed, when encountering a key resistance level, you can continue to try a short position, with a stop-loss of about a hundred points above 63,500.

Let's look at the market situation. It has entered the flag-shaped resistance level, with the daily candlestick chart also above the EMA trend indicator high. However, the trend indicator is still contracting, indicating that the upward movement of the candlestick is speculative without sufficient support, so it will not rise too high. The original MACD showed decreased volume and increased funding, with DIF and DEA high positions spreading downward. Now, the diffusion is blocked, the trend remains bearish. The daily candlestick has hit the 62,800 resistance level in the Bollinger Bands, the continuous breakthrough indicates strong pressure at this position, and it can be effectively shorted.

After the four-hour candlestick chart formed a symmetrical triangle followed by a head and shoulders pattern, the large cap market violently stretched below 59,000 and broke through 63,000, marking a small-scale liquidation. Because the market's bearish target is at the 50,000 level, which is too far away, it is more pragmatic to focus on the present rather than looking too far ahead. The immediate support level is at 60,000, with a flag pattern emerging on the four-hour chart. The candlestick has also reached the flag pattern support level, so it is appropriate to cautiously short positions, with a target of 0.06 million. For now, the overall trend is primarily bearish at the resistance level, not aggressive. Even if the candlestick breaks 63,500, it is better to take a small loss and exit rather than chasing more, and wait for a new opportunity to choose direction.

Short-term thinking reference: Since the market is not 100%, it is necessary to set a stop loss for safety first. The goal is to minimize losses and maximize profits.

Today's strategy

Short between 62,500 and 63,000, add to short positions defensively at 63,500, stop loss of 300 points, target between 61,800 and 61,000, consider 60,500 if broken.

Long between 60,500 and 60,000, add to long positions defensively at 59,500, stop loss of 300 points, target between 61,500 and 62,000, consider 62,500 if broken.

Operate based on real-time market data. For more news and details, please refer to the news section. Articles may have delays in publication, so they are recommended for reference purposes only. Please be aware of the risks.

This article is exclusively contributed by the cryptocurrency academician and only represents the academician's unique viewpoint. With in-depth research on BTC, ETH, DOGE, DOT, FIL, EOS, etc., the viewpoints and suggestions above are not time-sensitive due to article push timing. They are for reference only, and risks are to be borne by the reader. When reposting, please indicate the source. Manage your positions reasonably, avoid heavy or full positions. The academician also hopes that all investors understand that the market is always right. If you are wrong, you should analyze your own problems and not let potential profits slip away. There is no need to be smarter than the market when investing. Follow trends, act when they come; observe and wait when there are no trends. Only act after the trend becomes clear. Tomorrow's success depends on today's choices. Nature rewards hard work, the earth rewards kindness, people reward honesty, business rewards trust, industry rewards excellence, art rewards passion. Gains and losses come unexpectedly. Develop the habit of strictly using stop-loss and take-profit for every trade. The cryptocurrency academician wishes you a pleasant investment journey!