Li Shengting: 11.6 Bitcoin Early Morning Market Analysis and Trading Ideas
The market has been in a washout and consolidation phase due to the election in the past few days. The price movements of Bitcoin and Ethereum during this period have been quite unusual. Today, the prices of Ethereum and Bitcoin quickly surged to around 2480/70500, then rapidly declined to create a range. From a technical indicator and experience perspective, this indicates that the market makers are washing out at the daily K-level support. At the same time, US stocks have shown a reversal; currently, the 60-day moving average support for the Dow Jones index is very strong. Ignoring the news aspect, from a technical perspective, Bitcoin's daily technical indicators have shown a new round of green TD1 upward sentiment. Whether it can maintain stability is crucial. Additionally, the low MA30 moving average continues to strengthen, and the MA5 moving average shows signs of rising. The BOLL technical indicator remains strong, and there are no signs of capital outflow, indicating that capital is still relatively optimistic about Bitcoin. Currently, Bitcoin has just retraced to the 0.618-0.5 range. Meanwhile, the fourth wave adjustment is significantly smaller than the second wave, so we are now waiting for the 70,000 mark to stabilize, after which a fifth wave explosive rise will occur.
From the 4-hour technical indicators, both the KDJ and MACD indicators for Bitcoin are maintaining a bullish resonance phase. The trading volume and the current daily K's increase are also rising in proportion. Currently, the price has successfully stabilized above the 3-day moving averages. Therefore, from a technical point of view, Bitcoin has the potential to break through the upper track and continue to rise in the early morning. As long as Bitcoin remains stable around the 70,000 line, the subsequent price will press up to around 74,000-78,000.
The above is the early morning Bitcoin market analysis, for reference only #BTC突破7W #美国大选后涨或跌？ $ETH