Daily market update 11.1
When the majority of people in the market start to collectively bullish on Bitcoin, risk will quietly approach. Yesterday, the short sellers struck back and wiped out all the long positions! Bitcoin plunged nearly 2500 points in a day.
What caused Bitcoin's drop yesterday? Was it due to the negative September PCE price index? Or was it because the number of initial jobless claims was negative? What triggered this plunge in US stocks, gold, and Bitcoin?
This time Bitcoin's sharp decline is just an introduction; the monthly line closing is just profit-taking by the bulls. This month, it rose from 5.9 to 7.3, and although there have been countless fluctuations in between, too many bullish positions have accumulated profit that needs to exit.
The election is approaching, how should retail investors position themselves!!!
I've been reminding my brothers these days to take profits in batches, the monthly line is still as volatile as usual, and the bearish sentiment is severe. I notified my brothers to take profits on Tuesday, altcoins are close to the high, and now at this price, there might be an opportunity to buy back!
$APE
If it breaks below 1U, that's okay. The dollar cost averaging plan is starting; around 0.8U is the best position for this strategy. Prepare well and wait for a big market move. When Ethereum starts, altcoins will follow! Keep a close watch on every move of Ethereum! Be patient!
$DOGE
Dogecoin is currently very strong. It carries the aura of Elon Musk. There is a high possibility of a second surge. Set a stop loss at 0.159 and target between 0.168-0.175.
$SOL
Everyone knows that there will be significant non-farm payroll data and unemployment rates tonight. Some funds chose to escape and avoid risks, pulling some liquidity out of the market, leading to a market correction. It seems that once the 70000 level is broken, support will drop to around 69200.
After we reduced our position near 183 in the last round on Sol, we didn't enter again due to unclear trends. Now that the market is correcting, it has revealed a glimmer of opportunity, and we can add positions around 164.5. Market fluctuations are a regularity.
When prices drop, it's important to control your positions wisely and plan to buy in batches to avoid chasing prices during market rebounds.
