Yesterday, after the market broke through 68,000 and then fell back, we mentioned that falling back would lead to a more complex situation. Below the high point of 69,500, there were two spikes around 68,800 that faced resistance and retraced. Currently, it is forming a descending triangle, with attention on the support line at 65,200. If it breaks below, it will test the Fibonacci levels of 62,000—64,000. This kind of pattern has appeared multiple times during the previous 6-7 months of consolidation, with the head support below the rising flag being broken, so this needs to be noted.
The ETH/BTC exchange rate continues to decline, with Ethereum also breaking below 2,450, hitting a low spike of 2,382, and it has also dropped to the bottom support position of the converging triangle. Continuous attention is needed to see if this support can effectively bring about a rebound.
Be aware of the potential crisis with American banks. Firstly, Buffett has been continuously selling American bank stocks, cashing out a total of 10.8 billion USD. I wonder if everyone remembers that Buffett also sold before the bankruptcy of Silicon Valley Bank. Additionally, at the beginning of October, there was a widespread outage where American bank accounts were cleared. On one hand, it was said to be caused by a large-scale power outage, but credit cards were not affected. Last year, some depositors also experienced issues with their accounts being locked or canceled.
Bitcoin
On the daily chart, there was a second retest of the BOLL middle track, with the MACD divergence turning the histogram below the zero axis. The price line is below the rising flag and the converging triangle. In this area, it is advisable to wait and see, waiting for a direction to choose.
In the short term, consider the descending triangle support at 65,200 and the descending trend line from 69,500 to 68,800, waiting for the triangle pattern to choose a direction before taking action.
Support: Pressure:
Ethereum
Ethereum has fallen back into the converging triangle, and we said that a false breakout needs to be cautious. The exchange rate continues to decline, reaching the lowest point since the bull market of 2021, so there is no need to have high expectations in the short term.
Yesterday, I also mentioned the fear of triggering some kind of liquidation. Ethereum has been heavily criticized this year. Now, Bitcoin and Ethereum have already diverged significantly, and altcoins are even more so. Moreover, if Bitcoin continues to reach new highs, can Ethereum and most altcoins even break even? Therefore, choosing strong coins is very crucial. The era of lying flat is over, and the future will become increasingly difficult.
Support: Pressure:
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The article is time-sensitive and for reference only, updated in real-time.
Focusing on K-line technical research, sharing global investment opportunities. Public account: Trading Prince Fusu
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