Today is November 18, 2024, Monday. Bitcoin's weekly chart has closed, and the upper shadow is not too long, indicating limited selling pressure above. After two consecutive weeks of large bullish candles, there is currently a demand for a pullback to gather strength. The rise is not instantaneous, but pullbacks often come quickly, especially in a bull market; sharp declines are a normal phenomenon. Therefore, during the pullback process, everyone should not panic, and when given the opportunity at lower levels, it is advisable to enter a portion of the positions.
Currently, Ethereum is still too weak compared to Bitcoin, and its overall trend is still linked to Bitcoin's movement. I personally believe that one reason for Ethereum's current weakness is that some funds have been drawn away by the L2 track. Additionally, projects like SOL, TON, and SUI have also attracted a significant amount of funds. The market is this big, and currently, most of the incremental funds are still flowing toward Bitcoin. However, fortunately, there are currently only Bitcoin and Ethereum in ETFs, so Ethereum's rebound is relatively certain.
Currently, Ethereum has a certain support effect around $3000. However, if Bitcoin pulls back to around $85000, Ethereum is likely to drop back to the $2800-$3000 range. This position for bottom-fishing Ethereum is also very cost-effective. Personally, I have made some profits above $3200 with Ethereum and plan to re-enter below $3000!
I believe the current position of Bitcoin carries the risk of a pullback, so I have not chosen a very aggressive approach in building positions. This round of reduction can be seen as a reasonable defense. After all, since it rose from the bottom, Bitcoin has not experienced a decent adjustment. While there is a probability that it will directly break through $100,000, the chance is not that high. In contrast, a pullback to gather strength might lead to a healthier and longer rise, but we actually don't like pullbacks! Especially since altcoins haven't really risen much yet, but everyone still needs to view the market rationally!
The expectation for a trend change will still occur in the evening. Over the weekend, the SOL ecosystem experienced a rebound, and the DOT ecosystem also saw an increase. When we see the leading assets rally, we can also pay attention to related opportunities within their ecosystems. Recently, there are expected to be some local opportunities during the day, but they are all limited in sustainability. Therefore, for those looking to build positions, it is advisable to wait for certain low-level layout opportunities!
From the liquidation map, there is pressure around $92000 above Bitcoin, and support exists around $87000 below. Be patient and wait for opportunities to build positions at lower levels!
Today's article will end here. See you next time!
#XRP突破历史高点？ #DeSci热度上涨 #Solana涨势分析
