The Hong Kong Stock Exchange will launch the Hong Kong Stock Exchange Virtual Asset Index Series (Index Series) on November 15, 2024. BlackRock, as a major shareholder, will vote on Monday to decide whether Microsoft should explore acquiring Bitcoin.
As of the time of writing, Bitcoin has broken through 71,587, returning to above 70,000 after three months. After a daily rising flag pattern pullback, it continues to move upward. We have also mentioned that it should not fall below the 64,800 pin position. This entire wave from 58,945, which appeared to be a false breakdown, has recovered. After we entered around 60,600 and subsequently increased our position, seeing 70,000 was a perfect target. We have consistently reminded that there is a chance to reach 80,000 to 100,000 in the fourth quarter. Congratulations to those who have followed along and profited.
Bitcoin
The daily chart has formed a converging triangle, confirming a pullback before continuing upward. Yesterday, the 4-hour chart broke through again, and we accurately reminded that it surged nearly 3,000 points. For now, the entire market appears relatively healthy; there has not been a significant volume explosion, and the technical indicators are also cooperating. The market is not directly pushing up; every time it reaches a pressure zone, it pulls back before rebounding.
Next up is to deal with the 72,000 pressure and the previous high of 73,777. There is one week left until the election, and traders are betting on Comrade Jian Guo. The market is also responding accordingly. Ideally, Comrade Jian Guo will smoothly move into the White House, and the market will surge like an arrow through the clouds, meeting a thousand troops. If it is Harris, a short-term pin or pullback cannot be ruled out, but the overall trend direction remains upward.
Support: Pressure:
Ethereum
Ethereum is still in line with our expectations. As long as the bottom support of the converging triangle holds, it will continue to rebound within the triangle. We judge that the Bitcoin trend is still bullish, and Ethereum will similarly be driven in the short term. What needs to be worried about is whether Ethereum's bottom can hold if Bitcoin experiences a significant pullback.
In the 4-hour chart, there were two pin bars, and the MACD showed a bottom divergence, breaking the downtrend line. In yesterday's analysis, it was also mentioned that if Bitcoin has the opportunity to break through the previous high, Ethereum could return above 2,800, making the market outlook relatively optimistic.
Support: Pressure:
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Focusing on K-line technical research, sharing global investment opportunities. Public account: Trading Master Fu Su
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