Today is November 6, 2024, Wednesday. The market is really exciting today. After Trump took the lead in votes, the market began to rally. Bitcoin has risen more than 10% in 24 hours, breaking the historical high of 75,400. All altcoins have surged by 15%-30%. As of the time of writing, Trump leads with 277 votes against Harris's 226 votes, and the Republican Party, represented by Trump, has won this election.
As mentioned yesterday, if Trump is elected, then the bull market in the crypto market is basically confirmed. After all, whether it’s the macro environment, regulatory environment, or the speculative sentiment itself, everything is basically in place. Today at 2 PM, Bitcoin also broke through the nearly eight-month high of $73,777, and directly reached $75,400. Looking back at historical trends, a single day of large upward candlestick breaking key levels usually confirms the trend. Although there has been a month of oscillating upward, large upward candlesticks have appeared very rarely, mostly it’s been ups and downs. Therefore, just firmly hold onto your chips moving forward!
In the short term, Ethereum will still be weakly correlated with Bitcoin. As mentioned yesterday, after Bitcoin broke the new high, it will at least continue to rise strongly for another half month. After pulling up some space from $73,777, it creates an opportunity for Ethereum or other altcoins to catch up. Therefore, during this phase, it is recommended to enter on dips and exit on highs for short-term trading. Looking at yesterday's rise of Bitcoin, Ethereum followed suit. When Bitcoin had a small pullback, Ethereum basically fell back to the starting point. Thus, for a while, altcoins may maintain this rhythm, so be cautious about chasing highs; it's more suitable to layout on dips! Perhaps only when Ethereum truly breaks and stabilizes above $2,800 will the altcoin scene be able to enter a frenzy.
Overall, even if there are short-term pullbacks, the big trend must be upward. So everyone should hold their positions patiently. Last time, Bitcoin surged to around $73,600 without exceeding 3 points of fluctuation in an hour. This surge is clearly different from the last one. Therefore, from a technical perspective, it is a continuous trend candlestick, influenced by news, but we must remember that the previous surge was also driven by news. Although it was a false approval of Bitcoin ETF, the candlestick did indeed rise!
Therefore, news can sometimes just be a catalyst for market rises. The market has its own trend to follow, just like I believe the large A will eventually reach 3,700 points. Perhaps we need to wait until the Federal Reserve's interest rate meeting concludes. This morning, the large A peaked around 3,420 points before starting to slightly retreat, but the overall upward trend has already formed.
Compared to recent highs of 0.21, CFX has pulled back quite a bit and is currently around 0.147. Just continue to dollar-cost average. When the market comes, the rally only takes a moment, and altcoins tend to rise quite quickly. Small capital can handle large fluctuations, and betting small to gain large is still a good strategy. Just hold patiently!
Today's market fluctuations are bound to be significant, so it is recommended to wait for the market to stabilize before taking action for higher certainty. For medium to long-term positions, short-term fluctuations can be ignored, just hold patiently!
Today's article ends here, see you next time!
Investment involves risk. The above content is a personal sharing and does not constitute investment advice!
