11.24: Weekend Morning Market Overview:
BTC closed this morning with a bearish candle, after 5 consecutive bullish candles, forming a bearish engulfing pattern on the daily chart.
On the 4H chart, it formed a doji morning star pattern, remaining above the 4H trend line, indicating a bullish outlook; consider going long on a retracement to the trend line;
Over the weekend, Bitcoin continues to mainly oscillate within a range, while altcoins saw some recovery space during the day yesterday, only to be pushed back in the middle of the night. Therefore, market fluctuations are significant; you might see a 10-20% shift during the day, only to fall back at night, and vice versa; hence, for altcoin contracts, it is crucial to set stop-losses strictly. We can make wrong trades, but we cannot make mistakes. Setting a stop-loss for every trade is responsible for your assets and your life! Bitcoin's minor resistance is at 98668 and 99616, with support at 97123 and 96453.
ETH surged to 3500 last night before immediately returning to the support level around 3445, clearly indicating a swap of support and resistance. Currently, it is oscillating within a small range between 3306 and 3445 with minimal fluctuations. The suggestion is still to go long on a retracement to the trend line, and set a stop-loss if it breaks below. Resistance is at 3492 and 3525, with support still looking at 3389 and 3361.
Yesterday, ETH issued an additional 20 billion USD on-chain, and TRON also issued an additional 10 billion USD, which greatly increased market liquidity, while also providing a strong boost to the crypto space. No wonder TRX's trading volume doubled with a new high yesterday; today, on the weekend, I feel that Bitcoin and Ethereum's volatility won't be too large. Altcoins rose during the day and fell at night, resulting in frequent liquidations; you can still catch around 10 points in small swings.
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