November 15, 2024 BTC/ETH Market Analysis
In his speech last night, Powell once again showed a hawkish attitude, intimidating market sentiment and causing a wave of declines in the cryptocurrency market. Although the market is generally down, the amount and number of liquidations have rebounded compared with the previous few days. Looking back at the trend after Powell's speech, it is obvious that the bulls were forced to stop profit, and the market's lower liquidity has been locked by low-priced chips a week ago. Therefore, the decline did not bring about a violent pull, but plundered more liquidity.
At present, BTC has stabilized at the 88,000 line, while many altcoins have fallen sharply. As for whether Powell's speech needs to panic, Saoge believes that there is no need to overreact! First of all, whether to cut interest rates is jointly decided by 12 members, and Powell is only the publisher. Even if the long-term interest rate cut cycle has arrived, it will not end easily. Powell's speech is mainly to balance the overheated capital market, especially after Trump's election. Therefore, our strategy should be to seize long-term cheap chips or to obtain excess profits in the mid-term layout, rather than following Powell's rhythm.
Market support and resistance level
- BTC:
Support level attention: 79300 / 73450
Current resistance level: 87500 / 86000 / 82000
- ETH:
Support level attention: 2915 / 2851
Current resistance level: 3445
Summary
Although the market has a short-term adjustment, there is still ample funds for BTC and ETH. Large ETFs such as BlackRock continue to inject funds, and their scale far exceeds retail capital, so these two major mainstream assets are not short of funds. On the contrary, it is currently a time when altcoins are short of funds. Therefore, the market's decline has provided us with a good layout opportunity, especially for the two major mainstream currencies BTC and ETH. It is the time for us to lay out long-term chips in batches at key points.
Continue to pay attention to market trends, layout at your own pace, seize opportunities, and not be swayed by market sentiment.
