Today is October 31, 2024, Thursday, the last day of October. Some historical experiences cannot be ignored; October tends to be a good month for the financial markets. Bitcoin has been firmly standing at the $70,000 position for three days now. I personally believe that Bitcoin is highly likely to show a good trend this month. Although history does not repeat itself, it often bears striking similarities. I believe the four-year bull market in the crypto space will eventually come, and we are nearing the harvest season, so it's crucial to hold onto your chips in the coming time.
Yesterday, the A-shares could not hold their ground and fell below 3,250 points, but fortunately, it bounced back by the close, showing a decent trend. Generally speaking, it should have dropped but didn't, indicating it is set to rise. Currently, the support around 3,250 points for A-shares still seems relatively strong, and I expect it to maintain around 3,700 points before the end of the year!
The current trend of Bitcoin is still consolidating at a high level. After the short-term market adjustment ends, I continue to be bullish, expecting this position to consolidate for a few more days before challenging the historical high. Yesterday, it bounced back after testing the first small gap, temporarily gaining support, rebounding from around $71,500 to $73,000. Today, we can continue to pay attention to the support situation near $71,500.
Ethereum's performance yesterday was slightly stronger than Bitcoin's, with the exchange rate experiencing a counterattack. However, it left a relatively long upper shadow, indicating that the market is still dominated by Bitcoin in the short term. This does not affect Ethereum's short-term need for a corrective rally. Therefore, Ethereum is more suitable for low-buying setups and swing trading. Holding positions for the medium to long term may be challenging, as there will be fluctuations: a rise followed by a drop, but no one can predict when it will take off. Thus, medium and long-term players can ignore short-term fluctuations, while short-term players should look to buy on dips, take profits when prices rise too much, but remember not to chase up.
With the rebound of the Ethereum exchange rate, yesterday Ethereum's related coins also experienced a brief corrective rally. However, with Ethereum's pullback, most coins have also left a long upper shadow, indicating that the current market is not dominated by copycats. The best way to build positions is to buy on dips; do not chase up!
Dogecoin's short-term upward momentum is still continuing. I personally expect the next target for Dogecoin to be around $0.2 to $0.22. By November, the popularity of Dogecoin will soar, especially with the U.S. elections on November 5, where Trump and Musk are hot topics for speculation. If not now, then when!
The market trend is improving, and I am patiently holding onto my spot positions. For short-term operations, do not chase after rising prices; the major direction has been determined, and pullbacks present buying opportunities!
I will keep it simple here for today; see you in the next issue!
