24/11/13 BTC accelerated its rise and then turned into a consolidation phase, similar to the breakthrough of 32,000. Can the altcoin rally continue?

CN
1 day ago

Bitcoin surged to $90,000 yesterday but faced resistance, dropping nearly 5,000 points with a decline of 5.4%. It rebounded to 89,876 (BN data) in the evening before continuing to fall. After accelerating from $76,000, BTC experienced a drop. On the 11th and 12th, I reminded everyone that the short-term pullback risk was increasing, and the higher it goes, the greater the short-term risk becomes. This is an outcome that cannot be changed by will. I have always reminded everyone to pay more attention to the low points, as the risks increase when prices rise.

In the evening, U.S. stocks saw a slight pullback, with attention on tonight's CPI data. Meanwhile, Musk released the Shiba Inu-themed government efficiency department (DOGE) logo, and yesterday DOGE also surged over 40%.

Normally, when Bitcoin consolidates at a high level, altcoins have the opportunity to catch up. After a sharp rebound, ETH/BTC fell below 0.038, and we should continue to watch for rebound opportunities in altcoins. If it cannot recover, the risks will increase.

Bitcoin

After accelerating, Bitcoin is now in a high-level consolidation phase. Here, we can reference the four-month period from October 2023 to January 2024. In fact, the time cycle and these two waves are basically consistent, both starting the upward trend in mid-September and breaking through the high points after half a year of consolidation. This wave seems to be moving faster in the acceleration phase, so this adjustment may also be more intense and quicker.

The one-hour chart shows a pullback to 85,000, and the high-level rebound will continue to oscillate. Last night, it touched below 90,000 again for a pullback, so we are still looking at oscillation above 85,000. Support: Pressure:

Ethereum

Yesterday, a shooting star candlestick was formed, and the previously anticipated bat pattern has been completed. The four-hour chart has shown a long-standing divergence, indicating a need for a pullback, which should be noted. Currently, it is at a pullback level after breaking 3,248; if it falls back, it will create a false breakout, and we need to reduce positions. For now, we are still watching whether the exchange rate can show a catch-up, driving the altcoin rally. Support: Pressure:

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This article is time-sensitive and for reference only, updated in real-time.

Focusing on K-line technical research, sharing global investment opportunities. Official account: Trading Prince Fusu

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