Today is the beginning of November, so Bing Tang will first discuss the market outlook from November to December. First of all, whether Bitcoin can reach a new high or only slightly break the previous high, it will face a situation of 'the higher you go, the colder it gets' — a weekly top divergence is about to form, indicating that a long and significant correction is on the way.
It can be said that November will be a turning point for Bitcoin from bull to bear! After the U.S. elections and in the context of potential second interest rate cuts, the historical performance of the U.S. stock market before and after the second and third rate cuts has often been unsatisfactory, usually resulting in significant pullbacks.
Over here in the U.S., the economic 'tap' has been tightened, and the Bitcoin bubble can no longer be inflated. This can be referenced from previous analyses, which largely explain the market dynamics after the U.S. elections and interest rate cuts.
Therefore, it can be said that the current Bitcoin bull market has reversed, and it no longer matters how much the price rises now. The trend of a significant correction will not change, and you need to understand the trend before discussing trading.
Secondly, Ethereum has shown some rebounds in the past two months, but it still struggles to break free from the bearish trend on the daily chart, repeatedly hitting walls at the resistance level of 2820. Historical data shows that during non-bull markets, Ethereum tends to move downward in November and December.
Thus, this time, Ethereum is likely to continue the bearish trend, possibly falling below the 2000 mark. Meanwhile, altcoins will also plummet to historical lows, resulting in a bleak situation.
As the saying goes, 'a thousand years of waiting for one moment,' Bitcoin and Ethereum will eventually reach their bottoms. The opportunities for altcoins will be waiting to be discovered in this relentless winter of declines, and we await whether this winter can truly welcome spring.
Finally, tonight's non-farm payroll data; there are no surprises regarding the U.S. economic data exceeding expectations, as since the Federal Reserve cut interest rates, U.S. economic data has hardly ever been disappointing.
If nothing unexpected occurs, the U.S. non-farm payroll data released tonight will definitely also exceed expectations, so the next step of the Federal Reserve slowing down interest rate cuts or even possibly stopping them is likely, but what is the purpose of this?
Mainly to maintain a strong U.S. dollar index and a strong U.S. stock market, because as long as the U.S. dollar index remains strong, the U.S. can continue to harvest global market capital
