Market analysis on October 12, 2024

Bitcoin (Big Pie) daily line situation:

The current pressure level is around 63,500, while the support level is around 62,000. Yesterday, Bitcoin's rebound was extremely strong, climbing to a high of 63,417, a price that has exceeded the originally estimated pressure level. Bitcoin's market has fluctuated greatly recently, mainly due to the frequent explosion of long and short contracts in the market. Before Bitcoin officially starts a new round of rise, the market often conducts multiple wash operations to clean out undetermined investors. Therefore, the current operating idea is still to buy on dips. The support level of 60,000 is still very solid. If there is a chance to fall below 60,000 in the future, it will be an excellent opportunity to buy. Remember, after making a profit, you must take the profit in time and do not hold short orders for a long time. From the overall trend, the upward trend of Bitcoin is still obvious. Finally, I wish you all a happy weekend.

Ethereum daily situation:

Ethereum's pressure level is around 2475, while the support level is around 2400. Compared with Bitcoin, Ethereum's rebound strength is slightly insufficient, and the highest rebound is only around the lifeline 2470, which is also today's pressure level. Since today is the weekend, it is expected that the market fluctuations may not be too large. Therefore, it is not recommended to open an order easily today, and there is a high probability that it will fluctuate above 2400. We can pay attention to whether the daily level can form a golden cross next week. If a golden cross is formed and the lifeline is broken, then this will be a bullish signal. For Ethereum, it is recommended that you keep a long order. Finally, I also wish you all a happy weekend.