Yesterday's market review
The market and expectations have been reversed. Indeed, the market will never meet your expectations. Any expectation that does not materialize is just an expectation. I often remind everyone to set stop losses, but this time Brother Niu got carried away and didn't set one, now silently holding the positions.
Yesterday there were three super big events one after another.
The first, Trump elected
The second, after being elected, BTC broke new highs and continued to surge, even reaching 76400 in the early morning
The third, this morning BTC took a break, and Ethereum began to rally
Under normal circumstances, this round of altcoin market is about to rise. Previously, I said that Ethereum needs to build a bottom before it can rebound. I have always viewed a bottom around 2300, and the lowest drop was to 2356, which did not meet my expectations. So I firmly became bearish, and it can be considered that I fell into a mental blind spot.
Today's market analysis:
Yesterday BTC ignited the market, but truly speaking, retail investors are happy today. Yesterday, altcoins did not rise much, but today, with Ethereum's rebound, the altcoin spot finally welcomed a wave of rebound!
This week, the maximum pain point for BTC options is 68000, and for ETH, it is 2500, both far from the current price. Be careful of the pressure from option sellers. The maximum pain point is to make the option buyers lose the most and the sellers earn the most. The current price is above the maximum pain point, and sellers might want to push the price towards the maximum pain point. This does not mean that the price will immediately drop sharply, but it indicates that there is great pressure on the upside and high volatility risk in the future.
Currently, there is fierce competition between bulls and bears. The 1-hour MACD shows a top divergence, and the last daily candle is a bearish one. BOLL indicates oversold. When I posted this, Bitcoin was around 74800, and Ethereum was around 2816. Now Brother Niu remains bullish in the long term, but there will be a correction tonight. It's not that I want to be bearish; the positive data expectations have already been exhausted after the reliable person took office. So what about the huge emotional bubble in the market?
Intraday market is mainly focused on pin action, do not enter at the current price, including spot. At 3 AM on the 11.8, the Federal Reserve announced the interest rate cut, and at 3:30 Powell spoke. There's no need to think that this good news will break 80,000; it's impossible in the short term.
As for BTC's operation, it's to go long around 73750; the position of 73700 must be defended. If it cannot hold, the rise will end, and it will head towards 65800.
Intraday resistance and support
BTC resistance 75000/76400-77000 73750 to go long. Target 76995, stop loss 73000
Support 73700/72000/71200
ETH resistance 2880/2950/3000 ETH has been suggested in previous posts, so I won't discuss it again here
Support 2800/2720/2650
Spot market
Brother Niu knows that many people's spots are stuck. This wave is an opportunity. If ETH cannot pull up even with a rebound, how will it rise later? Everyone is playing new, not old.
The neiro mentioned yesterday also reached the target position of 0.002. Brother Niu's spot also moved, what does this count as? Making money in spot and losing in contracts?
The current strategy for spots is to hold half, wait for a correction, otherwise breaking even will be even harder.
As of now, Brother Niu holds the following coins
cetus cow focusing on playing new, not old
Today's spot recommendation:
ens17.5 to enter spot
