2024.11.7 Market Analysis

Bitcoin Daily

Resistance Level Around 76500

Support Level Around 72500

Yesterday, Bitcoin broke through the previous high of 73777, reaching a peak around 76388, strongly breaking the previous high. This is a memorable day, as Bitcoin surged 10% yesterday, which can be considered an extreme market condition. This time, the short positions have been largely cleared. Yesterday, the derivatives market saw liquidations of 567 million USD, with short positions accounting for 69.92%, resulting in liquidations of 397 million USD. At this point, everyone should avoid chasing highs, and those with long positions should take profits in a timely manner to secure gains and prevent losses from a potential drop in long positions. A pullback is likely to occur, and each pullback presents an opportunity to go long. Yesterday's surge was also closely related to news, as Trump was re-elected overall in the United States, and he is relatively friendly towards the crypto market. We also hope that his speeches at the Bitcoin conference will be implemented soon. The trading strategy is to buy low and go long, and for short positions, take profits in a timely manner; do not be greedy with short positions, and aim for quick entry and exit. Wishing everyone a pleasant Thursday [拳拳][拳拳][拳拳]

Ethereum Daily

Resistance Level Around 2820

Support Level Around 2600

Ethereum also strongly rebounded alongside Bitcoin yesterday, directly reaching the weekly lifeline of 2750, which is also Ethereum's resistance level. If it can break through and stabilize at this position this week, then there is a significant upward space for Ethereum. If it cannot break through, a pullback will still be necessary. However, with Bitcoin strongly breaking through its previous high, Ethereum is likely to break this resistance level this time. The trading strategy for Ethereum is to buy low and go long, and each pullback is also an opportunity to go long. Looking at the weekly level, we hope to see a golden cross form next week. We look forward to an early formation of the golden cross. The daily level for Ethereum has already formed a golden cross, and looking at today's pullback strength, it is difficult to retest the EMA 5-day line near 2600. If it really pulls back to 2600, boldly go long. For those with short positions, remember to secure profits. For those shorting, be sure to remember to enter and exit quickly. Wishing everyone a pleasant Thursday [拳拳][拳拳][拳拳]

The above information is for reference only and should not be considered as investment advice.