Today is October 30, 2024, Wednesday. Yesterday Bitcoin soared all the way, peaking at around $73,660, just 150 points away from its historical high. From the trend of Bitcoin, it’s not hard to find that the evening's fluctuations are larger than during the day, especially during U.S. stock trading hours. Yesterday, Bitcoin's ETF trading volume hit a nearly six-month high, indicating that the battle between long and short positions was very intense. From the closing price of Bitcoin this morning, although there are some upper shadows, the overall trend still gives a strong feeling.
Today the market will likely move in a sideways consolidation trend. Altcoins may have some rebound opportunities during the main market correction. Currently, most coins in the market still depend on Bitcoin's performance. Therefore, when laying out altcoins, try to accumulate at lower levels instead of chasing highs. After all, a slight pullback in Bitcoin could lead altcoins back to their original points. In this case, I believe spot trading is more suitable for swing trading, which means buying some when prices drop and selling when they rise. Here, I refer to short-term trading. For mid-term, one should definitely hold onto coins waiting for a rise, as the current trend has already indicated the future direction. Bitcoin's continuous consolidation trend for seven months has been declared over. Yesterday, during Bitcoin's upward surge, it left a gap in the $70,300 to $70,800 range. In the next period, if Bitcoin can pull back to this gap, I believe it would be a good entry point.
Including Ethereum, altcoins are still much weaker compared to Bitcoin. This morning, Ethereum filled a gap around $2,600. There is also a gap around $2,540 to $2,560. Once this gap is filled in the future, it will be a bold entry opportunity, not a time for panic.
The A-shares opened this morning and continued to maintain above 3,250 points. There are two months left until the end of the year, and this year's annual K-line can be expected. Yesterday, CFX also saw a rise, peaking at around 0.156. For this coin, continue with regular investments.
In the past two days, the coin that has seen a nice rise is MASK. This coin definitely has strong manipulation from major holders. It dropped before the rise to clean up contracts and then surged violently. Since it has already risen quite high, don’t chase it anymore. I personally participated in a wave of this coin last year. As a project riding on Musk's popularity, besides DOGE, MASK is also one of them.
Dogecoin, as a hot coin in the last bull market, has also seen impressive gains recently. The purpose of holding this coin is not to encourage blind chasing of highs, but to learn to grasp hot spots in short-term participation. Entering after a pullback is a good choice, whether it's Bitcoin or Dogecoin!
Bitcoin points the way, you can pay more attention to established public chain coins recently, such as ADA, which is also one of the hundredfold coins in the last bull market. The current price is relatively low, so consider making a move. Additionally, recently Zhao Changpeng participated in Binance's Blockchain Week event in Dubai, so there might be some positive news released. Coins in the BN series can be monitored, such as Cake. For this coin, I suggest everyone to enter with a small position. When it doesn't make a sound, it can surprise you. If you can hold it, just double your capital.
Finally, the Badger from Bitcoin's ecosystem can also be accumulated with small funds. The current market trend is developing in the expected direction, so just be patient with holding spot positions. Avoid chasing highs and cutting losses in short-term trades! The larger direction has been established, and as long as there's a pullback, it's an opportunity to buy!
Let’s keep it simple for today, see you in the next issue!
