24/11/15BTC 4-hour rising channel fell below, will re-test 85000 support, the stage of unilateral market turns to high volatility
A few days ago, Gongzi’s videos and analysis reminded us that the higher the price goes, the greater the risk of a pullback. We also reminded us twice to reduce our positions, especially those who have invested more than 50,000 and 60,000 to lock in profits first, and hold on to the bottom positions without moving. If there is a pullback, we will remind you of the opportunity to get on board again.
With each new high, the trading desk observed that the market was selling call options and buying put options to hedge the downside risk. The market is still highly leveraged, especially in altcoins, where a lot of leverage has pushed the perpetual funding rate (1 year) to 50-100%. So especially for altcoins, the risk of deleveraging can be quite large. Ethereum fell 4%, and most altcoins fell 10-20%.
Flatbread
The callback of Bitcoin to 93265 is also a false breakout after breaking through 90000, falling nearly 6500 points from the high point. The daily line (24H system) twice inserted the key support of 85000 below. Please note that this support cannot be easily broken, otherwise the decline will be significant.
The 4-hour chart shows that it accelerated out of the rising channel and then fell below it. Currently, the key level to maintain the falling channel is 85,000. If this line is tested again and holds, there will be a chance to replicate the 23-year high-level shock trend of 45,000 that we mentioned before. Please pay attention to our later analysis for specific details.
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ether
Ethereum has fallen three consecutive times from 3444 to 3027, the lowest level at the time of writing. It also reversed after the completion of our previous daily bat pattern. Last night, it fell below the 4-hour descending triangle. We have been reminding of divergence in the 4-hour chart. In fact, from the weekly chart, it just hit the upper track of BOLL under pressure. The weekly BOLL has not been adjusted well and does not have the conditions for an immediate explosion, including the three daily moving averages, which have not kept up. Any pullback is an opportunity to get on board and increase positions.
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