November 14 Today's Cryptocurrency Market: Bitcoin, Ethereum, Altcoin Market Analysis and Trading Suggestions!
🚀 In the past 24 hours, the cryptocurrency market cap decreased by 4.65%, continuing its 16.5% monthly decline. Soft macroeconomic outlook and liquidation of leveraged positions intensified this sell-off.
1. Macro Risk Aversion - Weak Chinese economic data and diminished expectations for Fed rate cuts negatively impacted the G market, leading to declines in cryptocurrency.
2. Derivative Liquidation - Due to Bitcoin falling below the support level of $98,000, long positions worth $890 million were liquidated; before the crash, open contracts increased by 4.5%.
3. Fear Spreads - CMC Fear and Greed Index has dropped to 15 (Extreme Fear), slightly higher than yesterday.
Looking at the BTC data, the turnover rate has risen significantly, and there is a sense of panic emerging. Of course, the main body of the panic is still the short-term investors, especially those who bought in during the last two days, as they are the main force behind the turnover. There isn't much else to say; mainly, the market sentiment is very poor, and liquidity is quite low. The recovery of liquidity is estimated to take about another week. If tech stocks do not rebound on Friday, market sentiment may worsen.
Although the price has dropped quite sharply, from the perspective of the chip structure, not all investors are panicking. Most investors remain relatively stable. Of course, this is also why the current price drop is limited. If tech stocks were to weaken comprehensively, it would likely be dire.
The fear index is approaching single digits. This is the third panic phase since the beginning of this bull market. Based on historical data, the recent bottom of 98 will become a key support point. If it breaks below, it will accelerate again; otherwise, it will trigger a rebound.
Bitcoin is currently in a clear downtrend from both the daily and weekly perspectives. From a technical standpoint, a head and shoulders pattern has emerged, and the moving average system is in a bearish arrangement, forming a strong bearish resonance that further reinforces the weak market structure. At the same time, trading volume has drastically shrunk, accompanied by a divergence between price and volume, indicating insufficient buying support and increased downside risk. However, some indicators on the hourly and four-hour charts show signs of intraday rebound, albeit with limited strength, so short-term traders may seize opportunities when appropriate.
Strategy: Pay attention to the 101765 level; if it stabilizes above it on the hourly chart, a rebound may occur, with resistance levels around 103000, 104175, and 105280. If it breaks down, the rebound will end, with support levels around 100700, 98900, and 97400.
Ethereum's recent candlestick chart shows an overall downward trend. After a significant bullish candlestick on November 9, it has been in a continuous pullback. Although there were slight rebounds on November 12 and 13, it still has not broken through the previous high resistance. In terms of technical indicators, both the MACD fast and slow lines are below the zero axis. The histogram, although shortening, indicates a weakening of bearish momentum but has not yet turned bullish. From a short-term one-hour chart perspective, if it can hold above the resistance level of 3425, there is potential for further upward movement.
Strategy: Focus on the 3425 level. If it can hold above this level on the one-hour chart, a rebound is expected, with upper resistance levels at around 3485, 3530, and 3580. If it breaks below, the bottom rebound will end, with lower support levels around 3387, 3353, and 3310.
At present, $ICP has accumulated a large amount of liquidity around $6.18, with a leverage liquidation scale of up to $1.3 billion. The market is always very efficient in clearing excessive leveraged long and short positions, which is also one of the main reasons for the recent frequent fluctuations.
Structurally, the next major liquidity concentration zone is at $5.75, and currently, there are a large number of pending orders and liquidation points accumulated between $5.4 and $5.75. The previous 0.382 Fibonacci retracement level once acted as a support.
The next key Fibonacci retracement level below is at $5.5, which is a potential support area.
On the other hand, there is also a large accumulation of liquidity above $7.28, with a liquidation scale of about $760 million. This means that short leverage is excessively concentrated, and once the price breaks upwards, it may trigger a short-term corrective rebound. Those trapped in ICP should not be anxious; there should still be a wave of rebound opportunity to escape. #山寨币市场回暖
The recent market trend is that both bulls and bears are battling each other; in the last couple of days, the bears were dominant, but today the bulls are being attacked. If Ethereum drops to 3080 in the short term, it can only burst 880 million bulls; however, if it rises to 3800, it can burst 1.8 billion bears. According to the recent market patterns, who should be targeted next, the bulls or the bears?
November 12 Today's Cryptocurrency Circle: Bitcoin, Ethereum, Altcoin Market Analysis and Trading Suggestions!
🚀 The cryptocurrency market has fallen by 2.16% in the past 24 hours, with a total decline of 5.99% over the past 30 days. The main reasons for this trend are:
1. Large longs were liquidated today - Forced selling has intensified the selling pressure.
2. Concerns over FTX asset sale - Worries regarding SOL assets have resurfaced.
3. Geopolitical tensions - The accusations of cryptocurrency hackers from China and the US have shaken the market.
💥 Liquidation alert:
In the past 24 hours, a total of 144,373 people were liquidated across the network, amounting to $442 million, with longs suffering heavy losses ($363 million), and shorts also not spared ($78.8012 million).
The current trend is within expectations, having reached the preliminary target near 108000, followed by another decline of about 3%. Whether it can continue to rebound depends on the next couple of days!
At this stage, it has already broken below the support of the small rebound trend, and the U.S. government is about to reopen. If it can continue to rebound in line with the trend, it is expected to open up the continuation of the market. The current price is at the central point of 98000-108000, which can go up or down. Do not operate blindly; cautious small-scale operations are key.
After the second test on November 10, ZEC experienced a significant decline in volume, with the trading volume that day clearly exceeding the previous increase in trading volume. This is a clear signal of major players offloading their positions, further confirming that ZEC has likely reached its peak.
However, ZEC may find temporary support at the 20-day moving average, leading to a rebound, and this rebound could be an opportunity for short positions to add to their holdings.
Seeing many people preparing to hold $ASTER for the long term reminds me of the outcome for many who held $PERP long-term during the late stage of the bull market in 2021. Currently, PERP has dropped 99% from its high and is about to be delisted and go to zero.
I estimate that many newcomers may not know about this coin, PERP. Let me explain: actually, the concept of decentralized contract exchanges emerged in 2021, and the best performers at that time were DYDX and GMX. As soon as these two projects came out, they snatched a lot of contract users from centralized exchanges. Binance immediately supported PERP to counter DYDX and GMX. Of course, as the bear market arrived, DYDX and GMX were gradually abandoned due to depth issues and opaque market-making mechanisms. Many people initially held PERP heavily in the hope that it would become the second BNB, but it currently looks no different from going to zero.
In fact, whether it's PERP or ASTER, both are clones supported by Binance to compete against other projects. They are brought out when useful and can be discarded anytime when not. Binance's true core business and moat lie in CEX. The only coin in the Binance ecosystem worth holding long-term is BNB. You can play with ASTER while its popularity lasts in the past two months, but if you really want to hold it for a few years, it's better to reconsider.
Recent opportunities are plentiful, but they are all small and short-term; don't be greedy, as greed can easily lead to losses!
Currently, BTC has reached the previous stage high of around 108000 that I mentioned; whether it can rise further and how it will rise needs to be observed as we move forward, with caution as the priority. I believe there is a market, but it is a localized market; I would rather take a small loss than be deeply trapped!
Recently, the altcoin market has been active, and soon it will be the MEME market; there are opportunities, but we must not be blind; let's go for it!