On November 24, 2006, BTC reached a new historical high. With the election concluded and the understanding king taking office, Bitcoin becomes great again.

CN
15 days ago

The U.S. election has concluded, and Trump has finished his victory speech. There are still more than two months until he officially moves into the White House. Next up is the Federal Reserve's interest rate cut on November 9, with a high probability of another cut in December.

Bitcoin has surged to a historic high of 75407. Yesterday, we reminded that Bitcoin fell back to around 66666 for support and rebounded. The 4-hour chart shows a descending wedge with a MACD bottom divergence, indicating an intraday rebound, with resistance at 70400 and 71600. Last night, it touched below 70400, and this morning, several resistance levels were broken.

We have consistently stated that the trend has not changed; Bitcoin is always oscillating upwards. In September and October, we mentioned that there was a chance to reach 80,000 to 100,000 in the fourth quarter. However, many people feel that the bull market is over and expect a crash after seeing a slight pullback.

Bitcoin

The weekly cup and handle pattern has perfectly formed, aligning with the statement from March 15, 2024, that "the pullback is for a better rise, and BTC's weekly potential cup and handle pattern indicates a bullish continuation." Last week, the closing formed a hammer candlestick, which I said could be a "guiding finger" pattern, and this week will see a correction.

Before the election results were finalized, Bitcoin surged to 75407. After the victory speech, it retraced to around 72800. This year's market has been such that a 10,000-point rise can be followed by a 6,000 to 8,000-point pullback, causing many retail investors to panic or short the market. When it rises again, many get trapped or face liquidation.

This is the strategy of American market control, which will continue in the future. The opportunities for all coins to rise together will become increasingly rare. Similar to the bifurcation in U.S. and Hong Kong stocks, the good ones keep rising while the poor ones remain down. Therefore, selecting good varieties and managing positions is very important.

This wave of upward trend from 49000 to 52500 has confirmed around 60000, with a second confirmation near 65000, and then three confirmations from 66666 to 68000. In summary, the idea is that if it does not drop back to 71600 to 72700, any pullback is an opportunity.

Support: Resistance:

Ethereum

Once again, it has gained support and rebounded at the bottom of a converging triangle, which means it has held the bottom. As long as Bitcoin's breakout is not false, Ethereum breaking its previous high is just a matter of time. As for how much altcoins will rebound, we still need to observe. The ETH/BTC exchange rate has undoubtedly broken its previous low, consistent with our thoughts from yesterday.

Support: Resistance:

If you like my views, please like, comment, and share. Let's navigate through the bull and bear markets together!!!

This article is time-sensitive and for reference only; it will be updated in real-time.

Focusing on candlestick technical research, sharing global investment opportunities. Public account: Trading Prince Fusu

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