Hello everyone, today is November 7, 2023, and the altcoin market is very hot! My fans interacted in the comment area, and some experts contributed a level. MTL has risen by 9% early, which is really awesome! So today we will talk about the support levels of some altcoins and how to operate them?

First, let’s take a look at the daily BTC chart. It has been consolidating recently, but other altcoins have been very active. I mentioned two weeks ago that one altcoin rose 20 times in 10 days, and other coins will definitely rise as well. Many coins are still at floor prices, which depends on personal capital allocation.

So let’s talk about BTC’s support level. I said a few days ago that the 34K central axis is a support level, but there is also a small upward trend in the short term. Because as mentioned yesterday, today is the 13th day. If you want to bet on short-term market changes, the probability is that it will continue to go up, but it does not rule out the possibility of returning to the box or the box below. So how should the bet be placed?

Many friends find that the support level provided cannot be used. For example, the short-term support level is near 34.5K. The current price or price is at this position, such as 35K. You can buy or go long, but the stop loss must be set well. This depends on your personal leverage and how much you plan to lose before entering the market. If it falls by 1%-0.5%, stop the loss in time and look for other support levels that may retrace to a lower level. The same is true for medium-term support levels.

During the interaction in the comment area yesterday, some fans mentioned the support level of Dogecoin. It didn't rise much yesterday, and 0.069 is the short-term support level. You can regard the support level as a defensive stop loss level. Now that the price has risen, there is a white resistance line in front of it, which is the n-shaped turning point of the previous box. If my support or resistance level is breached, the defensive stop will be raised by 1% or 0.5%.

It is currently a bull market, try to push back and buy long, or the current support level is corrected to around the halfway position of the 0.0734 candle. Observe that the lower edge of the physical body of these candles in this box is close to the halfway point of this candle. This is also a support level. To provide you with a reference, it depends on your patience. It may not retrace, it may retrace a little, but it won't be too low. But if you want to enter the market and buy, the short-term support level given by you will drop by 1% or 0.5% cannot fall below. If it does, stop losses in time and wait for the emergence of a lower support level.

In short, playing altcoins requires a certain risk tolerance and capital allocation capabilities.