BTC surged 1800 points in a short time at 11 AM, with a maximum increase of about 3%. Do you remember what I reminded you of before?
The intraday liquidity on Mondays is often similar to that of the weekend, relatively low, while the derivatives market has already opened. This is usually a time when the battle between bulls and bears in the derivatives market is quite intense: currently, looking at BTC's trading volume, the data is not as active as Saturday's trading volume, so overall it is still a shrinking increase. This action is basically similar to last Monday, so be aware of the risks and beware of "false breakouts." Whether it has completed a stable breakout, we still need to wait for the US stock market to open tonight.
Today's rebound is a bit confusing, with a direct one-hour surge, Bitcoin returning to the high point of the 7th. The market, which has been quiet for a long time, is starting to get lively again. This wave of bulls is very strong, and the overall altcoins have recovered from yesterday's decline, with some exceeding yesterday's high point and some only rebounding to yesterday's pullback high point.
There is no reason for today's rebound; currently, the market can only speculate on the election. However, if it really wants to take off, the market wouldn't behave this way. The view remains unchanged: observe and do not chase.
The sword of BTC has been hanging over our heads for a long time; it has been over half a year at more than 60,000. Let's see how the market moves tonight. Those fully invested in spot are hoping for a rise, while those in cash are waiting to buy the dip. It depends on what choice you make.
Since we are confused at the small scale, let's observe the current state from a larger scale:
Weekly level: The RSI indicator is neutral, the MACD has completed a pullback to the 0 axis, and there is an expectation of a golden cross above water. For weekly indicators, it is difficult to change without a particularly large negative event (black swan), as this represents the long-term trend.
3-day level: The MACD indicator has been underwater since early July and is now gradually returning above water.
Daily level: After the MACD completed the surge from 52550 to 66498, it pulled back to the 0 axis and is currently forming a golden cross.
The information from the above indicators tells me that, in the absence of a black swan, it supports an upward trend.
Not yet at the end of the road, the flowers on the other side do not bloom.
The current cryptocurrency market is increasingly testing the combination of fundamentals and technicals.
Only through comprehensive analysis, with good results, is it worth buying. The market has reached this point, and there is no more doubt; rises and falls are no longer controlled by the main players and institutions.
The global financial market is beginning to recover, and this great opportunity for wealth will definitely touch every field.
As long as you prepare in advance, this opportunity will surely arrive as scheduled.
Currently, apart from Bitcoin being at a high price, ETH and altcoins are at very low prices, having dropped significantly from their highs this year.
Unless Bitcoin continues to consolidate, and the market experiences a hot trend, with ETH leading all altcoins to take off, this is also under the condition that Bitcoin does not fall. If Bitcoin drops, all coins cannot escape. Just like the day before yesterday when Bitcoin rose, and yesterday when Bitcoin fell, all altcoins' declines exceeded the previous day's gains. If Bitcoin's current price were not so high, laying out positions in ETH and altcoins would definitely be a good choice.
The cryptocurrency market has never gone bankrupt; how can one talk about getting rich? Losing money is not scary, bankruptcy is not scary; what is scary is losing confidence and fighting spirit, which renders a person useless.
In the crypto industry, if you want to seize the next bull market opportunity, you need to have a quality circle. Everyone can huddle together for warmth and maintain insight. If you are alone, looking around in confusion and finding no one, it is actually very difficult to persist in this industry.
If you want to huddle for warmth or have doubts, feel free to join us — WeChat Official Account: You Bi Zhi Qing Nian.
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