Weekly close forms a pregnant line combination. After a downward spike to 65260 last week, it rebounded and is currently fluctuating around 68000 at the time of writing. The monthly line is about to close as well, and it's the only two months of consecutive increase in a high position over more than half a year. The key is to see if next month can continue this trend. At the end of this month and the beginning of next month, fluctuations will be significant around the monthly close, so everyone should pay attention. From a naked K perspective, Ethereum looks quite poor. First, the monthly line broke the key support at 2800 after a large downward line, followed by two doji stars, with weak rebound strength. The weekly line has also been performing poorly as the exchange rate keeps hitting new lows. The daily line is still observing a converging triangle for a breakout. The U.S. election at the beginning of November still has a considerable impact on market fluctuations, so we need to wait for the results. Bitcoin's daily line pressure is still quite significant, mainly constrained by the 69500—70400 range. The daily line has also formed a triangle structure with support at 65260, so we will continue to watch for fluctuations for now. The 4-hour line is clearly under pressure from the downtrend line of 69500. In the short term, wait for a pullback to add positions; the market still needs short-term fluctuations to choose a direction. Support: Pressure:
Ethereum
Current price is 2493, and it is currently 4 AM Beijing time. The daily K line reached a high of 2511. Let's review: yesterday's article on the long position around 2400 indicated an exit point after breaking 2500. Now the market is accurately predicted, and all that remains is to wait for Ethereum's supplemental rise. If it does not stabilize above 2500 and extend, this bull market might very well have nothing to do with Ethereum.
Looking at the market, the daily K line is still at a low position of the EA trend indicator, not far from the EMA30 pressure level of 2535. However, the overall trend is still bearish, with MACD decreasing in volume, and the DIF and DEA are spreading downward, getting very close to the 0-axis. As long as the overall trend does not stabilize above 2500, it remains bearish. The resistance point of the Bollinger Bands is at 2540, with the lower support at 2340. The KDJ has started to contract and has reached a turning point, so prepare in both directions to avoid missing opportunities.
The 4-hour K line has broken the EMA15 pressure level of 2495 and is currently standing at EMA15. The upper EMA30 pressure level to watch is 2515. The trend indicator's downward netting alternating expansion trend has not yet ended, and the resistance is strong. The idea remains to short at high positions; MACD's increase in volume has not had much effect, with DIF and DEA expanding upward from a low position. The Bollinger Bands are contracting downward, with the upper pressure level having dropped to 2548, and the lower support still at 2430. The overall idea remains bearish, and we can start testing short positions near high-pressure areas. If broken, consider whether to follow the trend long or stay on the sidelines.
