A new week, let's take a look at BTC's trend:
Yesterday, Bitcoin traded sideways around the $67,000 level for the whole day, starting to rise at 9 PM and breaking through to $68,300 by 6 AM this morning, currently experiencing some pullback.
Since October 21, Bitcoin has gone through two effective support levels, with support prices around $65,000. After the FUD regarding Tether and negative news from the Middle East this weekend, the market has quickly digested and recovered, with the overall market regaining its losses by 4 AM.
Whether looking at the weekly or daily charts, the trend is upward, just with varying degrees. Of course, short-term fluctuations are inevitable, so everyone must hold their spot positions long-term.
Currently, the BTC daily chart is still attempting to break the $70,000 resistance level, but has yet to effectively break through. The market can only open a new trend by breaking away from the $65,000-$70,000 consolidation range.
From a 4-hour perspective, it is still in a consolidation phase, and there are no clear breakthrough signals yet. I previously mentioned that if a breakthrough is to happen, it will be instantaneous and definitely not dragged out like this.
But currently, it is impossible to predict because there is a significant market divergence, and next week there will be news regarding the U.S. elections on November 5, with results expected around November 6. At that time, the market will definitely react, which may be an opportunity to end the consolidation.
Thursday: September Core PCE, weekly unemployment claims data, Japan's monetary policy meeting. The last day of the month looks bearish.
Friday: Non-farm payrolls, the last non-farm report before the elections.
The fluctuations will be intense, so reduce your positions. If there is a favorable surge, do not chase in the middle. For example, around $70,000, it is a high sell zone, and there is a very high possibility of a rapid drop. Entering after a drop is the safest.
Market aspect:
The spot market remains stagnant, with most altcoins, except for those in the SOL ecosystem, retracing about 15-20%.
If you really want to buy something, only consider the Meme sector and the Chain Oil sector, and temporarily disregard others!
The market revolves around memes, and on-chain trading is crazy. However, when everyone is in a FOMO frenzy, you must have your own strategy, such as taking out your capital once you double your investment. You must run fast; otherwise, do not participate casually.
Recently, it is still advisable to watch more and act less. Before the market confirms, you must manage your positions reasonably and remember not to go all in.
The current market structure is:
1: Ethereum trend suppression: Altcoin funds are diverging, and altcoin leaders are hesitant to make moves!
2: Bitcoin institutional funds are concentrated in trading: Bloodsucking the existing supply, from the funding data, Bitcoin funds are the most active and concentrated!
3: Continuous funding effect is poor: Secondary funds are flowing away from the primary market! The MEME market ignites local heat in the primary market! (Stay away from domestic startup coins; small market cap PVP is severe.)
Looking back at the crypto space over the years, why can some people continue to profit while others disappear?
In the same market, with the same coins, why is there such a big gap?
Believe me, there are not many who are truly willing to reflect in the market; more often, they only care about the results, putting more energy into finding hundredfold coins. In their words, what's the point of reflection? It's all gambling anyway; does it matter if you understand or not? Does it matter if you learn or not?
Profit is the result, thinking is the process. Money earned by luck cannot last, while money earned through precise judgment is hard to lose.
What causes such a large gap in understanding or perception of the crypto space? What habits lead many people to fail to profit? Have you ever thought about it???
That's all for this article. If you like it, please give a follow and a like~
In the crypto industry, if you want to seize the next bull market opportunity, you need to have a quality circle where everyone can support each other and maintain insight. If you are alone, looking around and finding no one, it is actually very difficult to persist in this industry.
If you want to band together for support or have questions, feel free to join us — WeChat Official Account: You Bi Zhi Qing Nian
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