11.1 Bitcoin (BTC) market analysis reference
Bitcoin maintained an overall downward trend yesterday. The previous range of fluctuations has been broken, and the support has moved down to around 68,100. The daily trend still maintains a weak consolidation, and the intraday fluctuation range is constantly shrinking. If it falls below the short-term support of 68,800 again in the future, the market is expected to retreat. Mr. Coin recommends that all coin friends be prepared.
From the short-term four-hour chart, the current price has fallen below the Bollinger middle axis and touched the lower axis. If the subsequent rebound fails to continue, once the bulls are exhausted, there is a risk that the previous gains will be swallowed up again. In the 4-hour cycle, the MACD histogram turned from positive to negative, and the DIF line crossed the DEA line downward, indicating that the short-term strength has increased. The daily MACD is still positive, but there are signs of weakening. The current price is lower than EMA7 and EMA30, and the short-term trend is bearish; but it is still higher than EMA120. From the long-term trend, there is still room for rebound. In terms of operation, it is recommended to go short on rebounds and go long on pullbacks.
2024.11.1 Ethereum (ETH) latest market analysis reference
The current price of Ethereum is 2523. It is 4 am Beijing time now. I said yesterday that I had entered the short position at 2720. At present, there is 200 points of space that can be used to cash in at any time. There is no rush, the market has not yet finished. There is room for a retracement. Continue to go short when it retraces to around 2570. This is an inverted teacup pattern, and the retracement pressure point is also at this position. Those who have not gotten on the train can wait until the high position continues to go short. For more practical details on entering the market, please consult the author. The specific reasons have been explained very clearly by Bitcoin, so I will not elaborate on Ethereum. Let's take a look at the market
The daily K-line is as high as 2660 and as low as 2500. It can be said that after a few days of market movement this week, it returned to the starting point in one day, and directly fell from EMA90 to below the trend support of 2550 to enter a short trend. MACD also began to shrink downward after a day of large volume. The golden cross of DIF and DEA was turned back into a dead cross as soon as it was formed. As long as the closing price does not break 2550, the dead cross will be formed. The Bollinger Bands are shrinking, and the K-line directly fell below the middle track of 2580. The lower track support is referenced to 2420 as the stop-profit point for short orders. It can be said that after falling below 2500, everyone can freely cash in.
The four-hour K-line draws a door, and the inverted cup with handle has not yet formed a cup mouth. After breaking the EMA trend line, there will be a small-scale pullback. Pay attention to the trend pressure EMA120 position 2565. MACD shrinks downward, DIF has been close to the 0 axis and is trending downward. DEA spreads downward together. At present, the four-hour K-line has bottomed out the lower track support of the Bollinger band at 2510. The short-term support is effective depending on the rebound strength. After the rebound, continue to be short-term, and enter the market after the low-multiple clear support.
There has been a lot of information in major communities within the circle recently. One of the more common views is that Bitcoin is going to have a big correction, and some people even said that it will plummet to below 60,000.
The reason is that the election results will be announced on November 5, and the current rise is an early fulfillment of expectations. Just like the Bitcoin halving, the day when expectations are fulfilled is the day of bad news.
Indeed, it seems to be logically correct and makes sense. If you think about it carefully, many people tend to only focus on external news and information, but ignore the inner meaning of the target, the target itself.
No matter who is elected, even if it is definitely bad news, it is only temporary. If you are doing short-term intraday trading, you may need to pay attention to it, but we are all long-term holders, and there is no need to pay too much attention to news events happening in the market.
As long as Bitcoin is not attacked by 51%, as long as the internal logic of Bitcoin does not change, and as long as we assess that the current price of Bitcoin is not expensive, it will be fine (as mentioned in the previous article, is Bitcoin worth 70,000 US dollars expensive?).
Every FUD and every crash now is an opportunity for us to increase our positions. Don’t miss the past, look forward and look more to the future.
People always like to reminisce about the past, and the past of Bitcoin, when Bitcoin was worth 20,000 US dollars, 40,000 US dollars, and 60,000 US dollars. In fact, that was 2023. Unfortunately, Bitcoin never lingers on its past, and moves forward regardless of wind or rain.
Most of those who miss Bitcoin are those who missed out on it, and the reason they have been slow to get on board is because of their limited knowledge of it (I am no exception, everyone has been a newcomer, I once missed out on $7,000 worth of Bitcoin when I first entered the circle). I have talked about this in detail in (560 million people in the cryptocurrency circle, sleepless tonight! Bitcoin breaks $70,000 again, skyrocketing, carnival, this is a party for successful people).
If you are not in the car, you don’t know the situation in the car. All you know is hearsay and feeling. Just like this, you miss it again and again, and then look at the unruly back of Bitcoin that never looks back, and curse in your heart, damn it, it will collapse sooner or later.
However, in the long run, the reality is that Bitcoin has only been growing forward. Bitcoin and time have been moving forward in parallel from hundreds, thousands, tens of thousands to the current hundreds of thousands. For those who do not have a deep understanding of Bitcoin, it will always seem expensive.
Because vision determines perspective, and perspective determines action.
