🔹Cognition Society Comment
On November 8, the highest rebound point of Bitcoin was 77000, which matched the pressure level of 77000 in yesterday's Cognition Society article.
In 2024, there are a few rare days of Bitcoin sideways fluctuations, while Ethereum takes off; everyone is used to Bitcoin's sideways movements, but altcoins are in a downtrend.
Ethereum is strongly consolidating at the strong resistance level of 2940, which hasn't been seen in the past few months; every time Ethereum encounters a strong resistance level, it falls sharply, having dropped three times alone from 2730.
Why did Ethereum's first surge see the DEFI sector follow, but the second surge saw the DEFI sector and Layer 2 not follow?
Because: The first surge of Ethereum was due to Trump's election as US president. Trump could lower the regulatory risks and pressures on the DEFI sector, hence UNI and AAVE surged.
However, Ethereum still hasn't broken through the strong resistance levels of 3000 and 3400, which cannot trigger the FOMO in Ethereum sequences.
Ethereum needs new stories and narratives to trigger the market's imagination. Cognition Society yearns for Trump to promote Ethereum staking's spot ETF, which could lead to massive institutional buying of Ethereum spot ETFs.
Finance talks about expectations, discusses the future, and needs stories to have imagination.
There isn't any real resistance level ahead for Bitcoin because not many are trapped; it's at historical highs, and more are expectations, with everyone's expectation being around 80,000. Bitcoin's support level during a retracement is 72800 70000; if there are no major negatives, if there is an opportunity at 70000, it is an opportunity to allocate Ethereum.
According to Trader T's monitoring, the net inflow of the US spot Bitcoin ETF yesterday was $1.372 billion, setting a new single-day inflow record.
According to Trader T's monitoring, the net inflow of the US spot Ethereum ETF yesterday was $95.61 million.
📍Cognition Society Interpretation: Institutions are particularly seizing Bitcoin, especially in normal times, seizing Ethereum is rare.
The ETH whale, with a cost price of $3.5, sold 29,897 ETH at $2,839.
After the ETH price increase, a whale holding 398,891 ETH (worth $1.14 billion) sold 29,897 ETH at a price of $2,839 in exchange for 84.87 million USDC.
The purchase cost was only about $3.5, yet it achieved a profit of $84.7 million, with a return of up to 810 times.
Whales still hold 368,992 ETH (worth $1.07 billion).
📍Cognition Society Interpretation: 2024 is not hard for you; those holding tens of thousands or 100,000 Ethereums have all cut their losses.
MicroStrategy's Bitcoin holdings have gained over $9.2 billion in profit.
As Bitcoin's price breaks through $76,000, currently quoted at $76,084, MicroStrategy's Bitcoin holdings have gained about $9.28 billion.
As of September 19, 2024, MicroStrategy holds a total of 252,220 Bitcoins, with a total purchase cost of about $9.9 billion, an average price of about $39,266.
📍Cognition Society Interpretation: Holding too much Bitcoin by a single entity is bad; looking at Ethereum's current weakness, one can see that Grayscale's large Ethereum holdings are a disaster.
The largest political action committee in the crypto industry supported 48 candidates in the 2024 US election, all of whom won.
The cryptocurrency industry invested about $135 million in the 2024 US election cycle to support over 50 candidates, including both Democratic and Republican figures, incumbents, challengers, assured winners, and those with little hope. As of noon on November 8, all 48 candidates supported by the industry's largest political action committee have announced victory, with 5 candidates still leading in the remaining 8 elections.
📍In-depth interpretation: UNI no longer needs to fear SEC.
🔹Summary: When Bitcoin retraces, it can be observed; 72800 and 70000 are important support levels. Every time Bitcoin falls sharply is an entry opportunity for Ethereum.
Starting from May 2024, it is the mid-term bull market for Bitcoin and Ethereum; every drop is an opportunity. Long-term K-line research should focus on Ethereum, UNI, OP, NEAR, BLUR, and LINK.
🔹Short-term data
Disclaimer: The K-line data analysis provided by Cognition Society is based on data analysis and does not represent any position, nor does it receive any money from any project party.
🏷Bitcoin
Support level: 74000 70000
Resistance level: 77000 79000
🏷Ethereum
On November 8, Ethereum's highest point of 2955 matched Cognition Society's expectation of 2960; Ethereum standing firm at 3000 is particularly beautiful, keep it up.
Ethereum's sharp drops are always entry opportunities.
Positioning in Ethereum is the core strategy.
Resistance level: 2940 3000
Support level: 2860 2800
🏷️SOL
Finally passed 195; if it doesn’t break 195 on the pullback, it will take off.
🏷LINK
13.3 is a key resistance level.
New value, new RWA leader. During the sharp drop, it can be allocated; Cognition Society's LINK was built up in 22 and 23 years 5.
🏷uni
8.6 is a key support level that if broken strongly, leads to 8.2.
Cognition Society believes UNI needs to take profits to repurchase tokens and then burn them to take off.
Resistance level: 9 9.2
Support level: 8.6 8.2
🏷️WIF
On November 8, WIF's highest point of 2.52 matched the pressure level of 2.6 in Cognition Society's article.
2.2 is a key support level, 2.6 is a key resistance level.
🏷️BLUR
0.24 is a strong resistance level that hasn't been touched; 0.2 is a key support level.
🏷️DOGE
0.18 not breaking keeps pushing for 0.2; if it breaks, 0.16 can be observed.
🏷OP
2 not standing firm is already abnormal.
If it hasn't touched 1.8, it really is....
Cognition Society believes OP around 1.2 is still worth considering.
Resistance level: 1.7 1.9
Support level: 1.5 1.4
🏷CRV
Want to firmly stand at 0.266 0.3
🏷️JTO
1.8 indeed turned out to be the lowest point; it took off, and 3 and 3.3 are estimated to not be exceeded.
🏷️BOME
On November 8, BOME's highest point of 0.0093 matched the pressure level in Cognition Society's article, with 0.0082 as the support level.
🏷1000SATS
Want to stabilize at 0.00027.
Highly volatile, strictly control positions.
🏷1000RATS
0.12 0.14 is a key resistance level.
1000RATS rebounding to the cost area to reduce positions. After reducing positions, lower the long-term position ratio; the volatility is too great for the average person to handle.
🏷NEAR
4.5 resistance.
When NEAR's price was around 1 in 2023, Cognition Society exclusively reminded to dollar-cost average from 1.3 to 1.
Resistance level: 4.4 4.5
Support level: 4.1 4
🏷️JUP
Consolidating around 1.1.
🏷AI and NFP
The drop is too deep, it's not that there's no update, it's just that we can only wait.
To be strong, it needs to stand firm at 0.65.
🏷BNB
The lowest of 542 matched the support level of 540 in Cognition Society's article, and the highest indeed reached 607 as expected.
On Earth, when BNB was around 200, Cognition Society exclusively reminded to dollar-cost average BNB from 210 to 180.
Support level: 585 580
Resistance level: 605 615
Others wait for a bit more rebound to update.
🔹Cognition's attitude toward making money
Cognition Society does not like to play hindsight.
I also don't love the way those KOLs boast that they make money.
If anyone in the crypto circle can profit from every rise and fall of each coin.
Leveraging for a year isn't to make 10 billion.
But the second largest exchange on Earth is watching the manipulators control the market, and it has only lost tens of billions and gone bankrupt.
Form your own trading system, earn money within your cognitive range, do not fantasize about profiting from every daily rise and fall, and do not fantasize about profiting from every coin's rise and fall. There is no such person or institution on Earth; if such an institution existed, the exchange FTX, which observed the main force backstage, would not have collapsed.
Desire and ability do not match.
One's heart can never be at peace.
How can you hold coins if your heart is not at peace?
Many people like to rely on others' promises and guarantees to hold coins when the market crashes.
Banks are all collapsing, even some major currencies will collapse, Evergrande and Zhongzhi have gone bankrupt with trillions.
Do you think in such a high-risk place in the crypto industry, the promises of returns from people are reliable?
The charlatans are just talking nonsense. In a real crash and bear market, have you seen those who used to promote it in a bull market still around?
