The Great God said about the coin: On November 19, Bitcoin's long and short positions were both killed after breaking through $92,500 and then plummeted!

MicroStrategy, the dominant holder of Bitcoin among U.S. listed companies, announced last night that after increasing its holdings by 27,200 Bitcoins last week, it has once again purchased 51,780 Bitcoins for $4.6 billion at an average price of $88,627! As of November 7, 2024, MicroStrategy holds a total of 331,200 Bitcoins, with a total purchase cost of approximately $16.5 billion, and an average holding price of $49,874 per Bitcoin.
**　　In the cryptocurrency sector, Bitcoin has experienced a volatile trading pattern, with a total liquidation amount of $336 million across the network in the past 24 hours, including $203 million in long positions and $133 million in short positions, affecting over 110,000 traders.**
**　　Bitcoin dropped to a low of $89,375 around 10 PM last night before starting a rebound, reaching a high of $92,644 close to midnight. However, selling pressure emerged, causing Bitcoin to fluctuate between $90,000 and $92,000, continuously washing out positions. As of the time of writing, the price is quoted at $91,627, down approximately 0.12% in the last 24 hours.**
**　　Bitcoin Daily Chart**
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**　　First, according to the Bollinger Bands indicator on the Bitcoin daily chart, the current price has broken through the upper band, indicating that the market is in an overbought state. After a significant breakout above the upper band, there may be a risk of a pullback. The Bollinger Bands are widening, suggesting that market volatility will increase, and the trend may continue.**
**　　Second, based on the MACD indicator on the Bitcoin daily chart, the DIF line has crossed above the DEA line, forming a golden cross and is above the zero line, indicating that the current market is still in a bullish trend. The MACD histogram is expanding to the top, showing strong bullish momentum.**
**　　Finally, according to the KDJ indicator on the Bitcoin daily chart, the K and D values are at high levels, and the J value exceeds 100, indicating a severe overbought condition, which requires caution regarding the risk of a short-term pullback.**
**　　Bitcoin Four-Hour Chart**
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**　　First, according to the Bollinger Bands indicator on the Bitcoin 4H chart, the current price is between the middle and upper bands, indicating that the bullish trend still exists, but the momentum is weakening. The Bollinger Bands are slightly narrowing, suggesting that market volatility may decrease, and the price may enter a period of consolidation or range trading.**
**　　Second, based on the KDJ indicator on the Bitcoin 4H chart, the K and D values are hovering in the neutral zone of 50-70, indicating that the market has not yet entered an overbought or oversold state. The J value shows a slight downward trend, indicating that short-term market momentum has weakened, but there are no clear signals of a trend reversal.**
**　　Finally, according to the MACD indicator on the Bitcoin 4H chart, the DIF line is approaching the DEA line, accompanied by the appearance of a MACD green histogram, but the bars are relatively short, indicating that the current bearish momentum is weak. If the DIF line crosses below the DEA line, forming a death cross, there will be pressure for a pullback in the short term. However, the MACD is still operating above the zero line, indicating that the overall bullish trend has not been broken.**
**　　In summary, the market is in a clear upward trend, supported by the Bollinger Bands, MACD, and KDJ indicators. However, multiple indicators show overbought signals, suggesting potential pullback pressure in the short term.**
**　　Based on the above analysis, the following suggestions are provided for reference**
**　　Suggestion 1: Short Bitcoin near 92,600 during the rebound, with a target of 91,000 and a stop-loss at 93,000.**
**　　Suggestion 2: Long Bitcoin near 90,800-91,000 during the pullback, with a target of 92,600 and a stop-loss at 90,450.**
**　　Time of writing: (2024-11-19, 16:50)**
**　　(Article by: Daxian Says Coin)**