On 24/11/11, BTC set a new historical high of 81500. The short-term pullback risk has increased; do not FOMO, be patient and wait.
Bitcoin has reached a new high near 81500 again. In a bull market, we do not say it has topped, and we do not short the market; human nature is greedy. Bitcoin has not yet shown signs of topping; however, in the short term, since we started being bullish from the 55555 spike to 81500, there has been an increase of nearly 50%, which amounts to 26000 points. It is recommended to take profits in batches, about 30%.
In the fourth quarter, we expect to see 80,000 to 100,000. It reached 80,000 in the second week of November, which relieved this long-term bullish holder. The next milestone of 100,000 has always been the obsession of us long-term holders through several rounds of bull and bear markets, and it also marks a new phase for Bitcoin.
Ethereum has shown clear top divergence, rebounding nearly 900 points from 2360 for a gain of 37%. The 4-hour MACD has been diverging continuously since breaking above 2800 and is about to enter a dense trading zone. The ETH/BTC exchange rate has also shown a pullback; be patient and wait for a buying opportunity after the pullback.
Bitcoin
The next major cycle resistance for Bitcoin is between 84000 and 85000, and beyond that is 96000 to 100000. At present, we have also entered the crazy FOMO phase, with a short-term spike to 81730; after a drop to 78473 in the early morning, it rebounded. It cannot be ruled out that it will rise further, but it is advised to trade short-term with quick entries and exits to lock in profits in time.
After breaking out of the ascending channel in 4 hours, as long as it does not fall back into the channel, the trend remains unchanged. We need to pay attention to whether the MACD shows bottom divergence. The RSI indicator has entered the oversold zone; it is currently at 89, close to the peak of 94.57 before the fall to 73777. In a bull market, we do not say it has topped, and we do not short the market. Once it breaks a high, it will reach the next high. Next, it is only recommended to trade short-term fluctuations, getting in and out quickly, and securing profits.
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Ethereum
Ethereum touched 3248 and rebounded after piercing 3069. As of the time of writing, it remains strong around 3200, but the 4-hour MACD shows clear divergence. If a doji candlestick forms today, the upward momentum may be exhausted, and the RSI indicator has also entered the oversold range.
We have now entered the phase of altcoins catching up: ORDI, SATS, STX, ETHFI...
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