November 12th Old Leeks Discuss Coins

Market Review and Analysis

Bitcoin continues to hit new highs, altcoins are lagging behind, Ethereum slightly surged in the evening, which is in line with expectations around the 3400 mark. Currently, we are in a clearing state for altcoins and have not started positioning yet. This round of market can only proceed step by step at this stage, remaining vigilant of risks, as altcoins currently lack liquidity. The previous wave of operations we positioned for were mainly exited at peak points, most of them ran at the highest point. The current market environment is not like the bull market before, where any coin can soar. We will observe the situation for a couple of days before making any decisions. After the weekly candle completely closes, we will consider whether to enter the market. Of course, this is just a suggestion. If you are worried about market fluctuations, entering the market now would not pose any problems. Even if there is a decline, altcoins won't drop much. Keep some positions and buy more when there's a 20-point decline.

Today's Highlights

BTC is now only a thousand dollars away from the 100,000 mark. Many people are waiting for Bitcoin to break the 100,000 barrier. However, from Bitcoin's perspective, neither bullish nor bearish views seem reasonable at this stage. The consecutive upward trend makes it hard to tell when it will end. The weekly chart has already shown three consecutive large bullish candles. According to the current trend, there is a high possibility of an upward surge. Objectively, we should pay more attention to the performance of Ethereum and altcoins to prepare for the upcoming market movements.

ETH's highest point yesterday and in the early morning was in the 3360-3400 range. On the four-hour chart, it has attempted to breach this level multiple times and has retraced to around the 3300 level this morning. Ethereum's performance is relatively weak, and the rebound is not strong. Based on the overall market, Bitcoin's current price makes it normal for Ethereum to break the 10,000 mark, but the current performance differs too much. Recently, we are watching whether Ethereum can break the 3400 point to open a new high on November 12th. This would allow for further upward momentum; otherwise, the market may return to the support line of 3000-3100. The 3000 level has been tested many times without breaking through. Currently, following Bitcoin's surge, it is considered a compensatory market. However, this kind of rise does not count as a compensatory market. If it were a compensatory market, it would normally reach the 3700-3800 range. Recently, for altcoins, find suitable coins for mid-level positioning; once you find a good opportunity, you can enter and hold.