Smashing the market to clean out the bulls, but how easily would the bulls surrender?
Last night, after the US PCE data was released, the cryptocurrency market fell continuously; it wasn't just the crypto market that was affected, as European and American stock markets also declined, with the Nasdaq dropping, and gold and silver plummeting across the board. Our long positions inevitably suffered, resulting in stop-losses! I thought the 70,000 level would only temporarily break before bouncing back up, but it turned out to be so weak. Bitcoin directly plummeted to around 68,800, and Ethereum was even worse, dropping to around 2,467 at one point!
Currently, both the hourly and 4-hour charts are oversold and showing signs of recovery, but looking at this week's trend, the daytime trading has been in a sideways consolidation state, so don't hold too many hopes. The main focus is still on the non-farm payroll data tonight and the situation in the US stock market! Bitcoin fell back from 73,600 to around 68,800, a drop of 4,800 points. Yesterday's global decline further intensified the cleaning out of the bulls, and those who chased highs have mostly been cleared out. Is it time to deal with the bears next?
However, don’t pay too much attention to candlestick charts and technical analysis; in the face of news, they are worthless! The victor takes all; at the moment of stop-loss, no matter how insightful the analysis is, it is all nonsense! Bitcoin can set long positions at 69,000 and 68,000, with short-term targets at 70,000 and 71,000, and swing trading longs can target 75,000 and 80,000, with a stop loss at 67,700.
Ethereum dipped to 2,467 and stopped falling, now oscillating around 2,500. For today, retracements to 2,470 and 2,440 can be good long entry points, with targets at 2,530, 2,580, and 2,620, and a stop loss at 2,400.
The above is solely my personal opinion; investing carries risks, and one must be cautious when entering the market! #美国大选后行情预测 #市场关注美国非农数据 #TIA超大额解锁 #你问我答 #11月市场预测 $BTC $ETH
