$BTC
November 8 BTC Market Analysis:
Due to recent news along with the elections and a 25 basis point interest rate cut, recent candlestick patterns show a clear upward trend, especially with a significant surge on November 6, forming a long bullish candlestick.
Between November 7 and 8, there has been high-level consolidation, with prices fluctuating in the range of 75800 to 76500, exhibiting a high-level consolidation pattern.
EMA: EMA(7) > EMA(30) > EMA(120), moving averages show a bullish arrangement, supporting the overall upward trend. Pay attention to whether the price can stabilize above EMA(7) to confirm the effectiveness of short-term support.
Two days ago, trading volume surged significantly, accompanied by a substantial price increase, indicating that funds are actively entering the market to push prices higher. Currently, the best scenario is a slight pullback followed by a continued rise.
From the hourly perspective, we are still mainly in a sideways trend. Additionally, we will focus on the closing situation from 2 PM to 4 PM, as these two time periods may experience a significant market movement. Personally, I still prefer to enter long positions on a pullback.
Support below: The range of 74000-73500 is where the EMA(30) moving average support area is located, at the lower edge of the historical fluctuation range.
Resistance above: 77000-78000, where the resistance at 77000 is near the historical high resistance and also a key round number pressure point. The resistance at 78000 is a psychologically potential target position after breaking the new high.