Market analysis on November 6th: Bitcoin has once again reached a historical high. After the new high, pay attention to the upward momentum.

CN
15 days ago

Daily Share

In today's market, Bitcoin started around 69,000 and surged to about 75,000 within a few hours, indicating that this rise is significantly influenced by the news surrounding the U.S. elections. Many of us still underestimated the impact of news, leading to some people either exiting too early or getting trapped by short positions midway.

In my recent market analysis, I have consistently emphasized that if there is news stimulation, it is possible for Bitcoin to make another V-shaped reversal. Technical analysis generally relies on existing structures, patterns, and indicators to make judgments. When the downward momentum significantly disrupts the upward structure, we tend to believe that the rebound will not surpass previous highs. However, when impactful news emerges, it can completely change the short-term situation, leading to movements that exceed expectations.

So, after the current surge, how will Bitcoin move? Will it rise to 80,000, or will it fall back down again soon? I think we need to observe for another couple of days; at least in the short term, the upward structure here may not be complete. Let's wait until Friday night to see the situation.

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 use this information as a reference.

1H

On the 1-hour level, since it has already broken through 73,620, the structure has returned to the 4-hour level rebound trajectory that started from around 65,500. This means that the second 1-hour pullback in this 4-hour level rebound is slightly stronger, but the structure has not been completely broken. Currently, it is running the third 1-hour level rebound, focusing on the area around 76,000.

After this, we expect there will be a fourth 1-hour pullback and a fifth 1-hour level rise, with a key focus on whether the fifth can break through 77,000. If it does not break through, we will start a 4-hour level pullback. If it breaks through, it will further approach the 80,000 area.

15M:

On the 15-minute level, we expect a 15-minute level pullback tonight, continuing to focus on the area around 72,000. After that, there should be a fifth 15-minute level rebound, focusing on the area around 76,000.

ETH

Ethereum's pullback yesterday was actually a continuation of the previous 4-hour level decline. Today, there is a possibility of a new 4-hour level rebound here, so we should look for short-term opportunities for a potential upward adjustment, with a chance to reach around 2,800.

On the 1-hour level, it is currently undergoing a 1-hour level rebound, focusing on the area around 2,660 to 2,700. After this, there should be another 1-hour level pullback and a 1-hour level rebound, overall still looking to see if it can push towards 2,800.

For the short-term 15-minute level, if a pullback occurs tonight, pay attention to the area around 2,560.

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, with the daily level rise focusing on 77,000; if it breaks through, we look at 80,000.

4-Hour Level: Direction is upward, the 4-hour level pullback view has been negated, with short-term focus on resistance in the 76,000 to 77,000 range.

1-Hour Level: Direction is upward, the 1-hour level rise should not be over yet, focusing on 76,000 above.

15-Minute Level: Direction is upward, after a short-term 15-minute pullback, there is still a 15-minute level rebound to come.

Feel free to follow my public account for discussions and exchanges:

The article is time-sensitive, please be aware of the risks. The views expressed are personal suggestions and for reference only!

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