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Altcoins: Will the bull market return?
Judging from the current market situation, except for a few sectors such as meme and AI, and projects such as SOL that are expected to be affected by ETFs, most altcoins have performed very poorly in this round of the market. The reasons are mainly the following three points:
1. The approval of ETFs has changed the way liquidity is transmitted in the market. In the past, incremental funds usually entered the market through the path of "stablecoins - BTC, ETH - altcoins", but now, funds from traditional markets prefer to invest directly in BTC through ETFs, resulting in a serious lack of liquidity in the altcoin market.
2. The continuous unlocking of "VC tokens" has brought huge selling pressure, and the market is oversupplied. Observing the circulation changes of some altcoins, it can be found that although the price is falling, the circulating market value continues to hit new highs.
3. New projects are frequently launched, sucking away the remaining liquidity in the market. Popular projects such as io, ZKsync, LayerZero, and Blast have been launched one after another, and the FDV is generally as high as billions of US dollars, which further exacerbates the lack of liquidity in the altcoin market.
Despite this, some industry leaders remain optimistic about the future of altcoins.
Rich Rosenblum, co-CEO and co-founder of cryptocurrency market maker GSR, posted on the X platform yesterday that he believes altcoins will return strongly, and this is the most confident he has ever been.
#BTC
Judging from the current market situation, except for a few sectors such as meme and AI, and projects such as SOL that are expected to be affected by ETFs, most altcoins have performed very poorly in this round of the market. The reasons are mainly the following three points:
1. The approval of ETFs has changed the way liquidity is transmitted in the market. In the past, incremental funds usually entered the market through the path of "stablecoins - BTC, ETH - altcoins", but now, funds from traditional markets prefer to invest directly in BTC through ETFs, resulting in a serious lack of liquidity in the altcoin market.
2. The continuous unlocking of "VC tokens" has brought huge selling pressure, and the market is oversupplied. Observing the circulation changes of some altcoins, it can be found that although the price is falling, the circulating market value continues to hit new highs.
3. New projects are frequently launched, sucking away the remaining liquidity in the market. Popular projects such as io, ZKsync, LayerZero, and Blast have been launched one after another, and the FDV is generally as high as billions of US dollars, which further exacerbates the lack of liquidity in the altcoin market.
Despite this, some industry leaders remain optimistic about the future of altcoins.
Rich Rosenblum, co-CEO and co-founder of cryptocurrency market maker GSR, posted on the X platform yesterday that he believes altcoins will return strongly, and this is the most confident he has ever been.
#BTC
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BTC
Now, although the technical form of the big cake has a wash action, it experienced a short decline last night, but the price finally returned to 67,000. It has stabilized at 66,000, and the support of the four-hour line level has also been shown. It has stepped back to the middle track of the trend, accompanied by the bottom pin, and is still in the bullish field.
Operation: If the support of 66,000 is effectively stepped back and continues to rise, pay attention to the pressure level of 68,400-69,150 to find opportunities to short. If the market has been oscillating around 66,500 to bottom out, you can find opportunities to go long and stop profit at the pressure level of 68,400-69,150
Now, although the technical form of the big cake has a wash action, it experienced a short decline last night, but the price finally returned to 67,000. It has stabilized at 66,000, and the support of the four-hour line level has also been shown. It has stepped back to the middle track of the trend, accompanied by the bottom pin, and is still in the bullish field.
Operation: If the support of 66,000 is effectively stepped back and continues to rise, pay attention to the pressure level of 68,400-69,150 to find opportunities to short. If the market has been oscillating around 66,500 to bottom out, you can find opportunities to go long and stop profit at the pressure level of 68,400-69,150
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In-depth analysis of the cryptocurrency market on November 10
Market review:
Bitcoin (BTC): BTC price showed significant volatility yesterday. After an initial slow rise, the price quickly surged to $38,500, but then encountered a correction, hitting as low as $35,300. Such violent price fluctuations may reflect market uncertainty and intense competition between bulls and shorts. Currently, BTC price is stable around $36,600, showing some signs of recovery.
Ethereum (ETH): ETH’s performance yesterday was equally impressive, with the price rising sharply from around $1,880, eventually breaking through the key resistance at $2,100, rising by more than 12%. This strong upward momentum stems in part from the positive market reaction to BlackRock’s possible application for an Ethereum spot ETF.
technical analysis:
On the four-hour chart, BTC’s Bollinger Bands are opening and running, and the K line continues to climb along the upper track, indicating that bulls have the upper hand in the short term. However, the daily chart shows a longer upper shadow, suggesting there may be selling pressure at the highs.
ETH’s technical chart also shows strong upward momentum, but after consecutive sharp gains, the market may need a period of adjustment to digest these gains.
Trading strategy suggestions:
BTC: Consider going long near $36,050 with targets between $37,200 and $37,800. If there is a correction in the price, you can consider placing a short order at the $37,300 level with a target of $36,000.
ETH: Consider going long near $2,075 with a target of $2,100. If the price pulls back, short orders can be placed near $2,130 with a target of $2,080 to $2,050.
Although both BTC and ETH show strong bullish trends, everyone should pay close attention to market dynamics and be alert to the occurrence of black swan events. In the current market environment, it is crucial to maintain appropriate caution and good risk management strategies.
Market review:
Bitcoin (BTC): BTC price showed significant volatility yesterday. After an initial slow rise, the price quickly surged to $38,500, but then encountered a correction, hitting as low as $35,300. Such violent price fluctuations may reflect market uncertainty and intense competition between bulls and shorts. Currently, BTC price is stable around $36,600, showing some signs of recovery.
Ethereum (ETH): ETH’s performance yesterday was equally impressive, with the price rising sharply from around $1,880, eventually breaking through the key resistance at $2,100, rising by more than 12%. This strong upward momentum stems in part from the positive market reaction to BlackRock’s possible application for an Ethereum spot ETF.
technical analysis:
On the four-hour chart, BTC’s Bollinger Bands are opening and running, and the K line continues to climb along the upper track, indicating that bulls have the upper hand in the short term. However, the daily chart shows a longer upper shadow, suggesting there may be selling pressure at the highs.
ETH’s technical chart also shows strong upward momentum, but after consecutive sharp gains, the market may need a period of adjustment to digest these gains.
Trading strategy suggestions:
BTC: Consider going long near $36,050 with targets between $37,200 and $37,800. If there is a correction in the price, you can consider placing a short order at the $37,300 level with a target of $36,000.
ETH: Consider going long near $2,075 with a target of $2,100. If the price pulls back, short orders can be placed near $2,130 with a target of $2,080 to $2,050.
Although both BTC and ETH show strong bullish trends, everyone should pay close attention to market dynamics and be alert to the occurrence of black swan events. In the current market environment, it is crucial to maintain appropriate caution and good risk management strategies.