$BTC

Share the current market analysis.

Weekly:

Last week's closing produced a strong bullish candlestick that completely broke through the slightly downward-sloping parallel channel that lasted for 231 days. The four surrounding candlestick combinations formed a rising three methods pattern, which is a bullish formation. Therefore, the market has entered an upward trend at the weekly level, and it is highly likely to continue raising higher lows and higher highs, indicating that the market is currently in the mid-term of a bull market.

Daily:

Last week's analysis emphasized the importance of observing whether a reversal signal appears near the support level below. On the morning of November 6, a bullish engulfing candlestick with not very strong volume was formed, which is a stop-loss signal, and it has re-established itself above the parallel channel, with an important support level emerging. Hence, the effectiveness of the stop-loss has strengthened, and the subsequent stretch has been validated. This morning's closing did not show any significant bearish patterns; there is merely a noticeable divergence between volume and price. Therefore, we should monitor whether a reversal signal appears in the upcoming market. If it does, we might see a wave of correction, with a small support range temporarily around 75637-73600. Next, we will track whether a reversal signal appears in the trend.

Summary:

The weekly level has officially broken through the historical high, and with a volume breakout, it is highly likely that the current bull market is transitioning into the mid-term trend. This bull market is characterized as a slow bull, so the probability is high that the tops and bottoms will gradually rise.

After the daily level showed a stop-loss, it welcomed a week's stretch, which was relatively efficient. We should observe whether a stagnation signal appears in the future, leading to a wave of correction. Currently, apart from the volume-price divergence, there are no other obvious stagnation signals.

With the conclusion of the elections and the interest rate cut taking effect, the long-awaited continuous weekly-level formation has completely broken through the 231-day fluctuation range. Therefore, the subsequent trend direction has already become very clear. By the end of the year, there is also the favorable Ethereum Prague upgrade. Most altcoins are hovering in a bottoming fluctuation range, while only a few strong coins have already entered an uptrend. The likely scenario moving forward may be that Bitcoin continuously sets historical highs, with tops and bottoms rising, and altcoins following closely behind. As Bitcoin gradually stretches to its target, funds will gradually flow into altcoins, marking the high point for altcoins, which is the final rapid market phase.