Market Review:
In yesterday's research report, it was emphasized that rebounds should be watched during the Asian trading session, and diving should be observed during the American trading session, noting the upper shadow of the monthly candlestick. During the Asian session, there was a slight rebound to around 72600, and the monthly candlestick also recorded a 3000-point upper shadow, but it was unexpected that the dive during the American session would be so deep!
Technical Analysis:
BTC: From an overall trend perspective on the daily chart, the upward trend of oscillation has not been broken, but the trend over the past three days has formed a small bearish trend. The important support level below is at 68000, and once broken, the overall big trend will be damaged. Coupled with the market's panic sentiment, the bearish trend will only intensify! From the oscillation trend of mid to late October, the top of the box oscillation is concentrated in the range of 68800-68300, which can serve as a reference for the bottom of this adjustment. The profit escape has caused a decline of more than three thousand points in a short time, and there is a slight rebound demand within the day. In terms of operations for the day, focus on short positions, with key resistance at the 70000-70800 point range above and key support at the 68600-68000 range below.
ETH: The force of this drop in Ethereum is very strong, starting to decline from the peak of 2720 points, experiencing small oscillations in the 2640-2660 range before continuing to drop, probing down to the bottom of the box oscillation around 2460 near the end of October! Overall, from the arrangement at the bottom position, the overall bullish trend remains, but the market's panic sentiment towards Ethereum is quite strong, leading to weak rebound strength, unable to keep up with Bitcoin's pace, and instead dropping more violently, exhibiting a pattern of slow rises and rapid falls. In the short term, the key level for Ethereum is at 2400 points, which serves as the weekly bottom support and also as the bottom of the rising channel for the past two months. If it steadily breaks below this level, we are looking at Ethereum in the 1000s. In terms of operations for the day, focus on short positions, with key resistance at the 2535-2565 range above and key support at the 2480-2460 range below.
Altcoins: The large capital outflow from last night's MASK profit-taking reflects signs of profit escape and panic selling in the market. The altcoin itself has not seen a significant increase, but the overall decline this time is proportional to Bitcoin, with a normal decline ratio of 1:4. Bitcoin's key level is at 68, and if it enters a bear market after the second test, the upcoming decline will focus on a phased drop, with each rebound after a decline being an opportunity for altcoin escape! The current situation is in a wait-and-see state, with no actions taken, including buying or selling!
Cryptocurrency market fluctuations are large, caution is needed when entering the market, personal views, not recommendations, for sharing only
