Daily Share
Bitcoin surged again in the early hours of today, reaching a high of 73,620, just 160 dollars away from its historical peak. It is likely to continue rising and break through 73,777. It is quite ridiculous that Bitcoin is about to set a new historical high this year, while most altcoins are still near their weekly lows or historical lows. Even Ethereum is still 80% away from its historical high, with only a few individual coins outperforming Bitcoin. The spot market remains quite bleak.
Does this mean there are no opportunities in the spot market for this round of market conditions? Not necessarily. There is always a pattern that cannot be escaped in a bull market. Throughout the entire bull market cycle, Bitcoin dominates for 80% of the time. Only in the last 20% of the bull market does Ethereum, mainstream coins, and most altcoins take over to push prices higher. However, unlike previous bull markets, where most altcoins had significant gains in the early stages, this year Bitcoin has been fluctuating at high levels for over six months, while most altcoins have been declining, failing to take over from Bitcoin to drive a rally. As a result, the time cycle for altcoins and mainstream coins to rise will be extended. Personally, I expect we will have to wait another month or two before altcoins and mainstream coins see a new rally. Before that, it is possible we will experience another roller coaster market.
In November and December, how should we position ourselves in the mainstream altcoin spot market? If interested, feel free to message me to join the spot trading member group.
BTC
Due to the rapid changes in the market, this article can only make predictions based on the market conditions at the time of publication. Short-term players should pay attention to the latest market changes, and this should only be used as a reference.
1H:
On the 1-hour level, there may be a 1-hour level pullback here, retracing to the 70,000~71,000 range, before making a third 1-hour level rebound, with the target for the third rise around 74,500.
15M
On the 15-minute level, there is continuous fluctuation, forming a central area. Let's see how it moves from here. If it continues to drop and breaks below 71,800, then a 1-hour level pullback should occur, with attention on 71,000 and 70,500. If it does not break below 71,800, then watch for another downward push to 73,777 before starting the 1-hour level pullback.
ETH
Ethereum's 1-hour level rebound is finally approaching 2,700. The short-term expectation is that it is about to undergo a 1-hour level pullback. If it successfully pulls back, watch for levels around 2,570 or 2,550. After the pullback is complete, there will be a third 1-hour level rebound, with the target continuing to look above 2,800.
Trend Direction
Weekly Level: Direction is upward, currently undergoing a new weekly level rise, with an overall target looking at 100,000+.
Daily Level: Direction is upward, possibly reaching around 75,000.
4-Hour Level: Direction is upward, focus on 74,000~75,000.
1-Hour Level: Direction is downward, expecting a 1-hour level pullback, focus on the 71,000~70,000 range.
15-Minute Level: Direction is downward or consolidating. First, pay attention to whether it breaks below 71,800 tonight.
Everyone is welcome to follow my public account for discussion and exchange:
The article is time-sensitive, please be aware of the risks. The views expressed in the article are personal suggestions and for reference only!
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