Market Analysis on November 8, 2024

Bitcoin Daily

Resistance level around 77500

Support level around 74000

Yesterday, Bitcoin broke through its high point again, reaching a maximum of 76848. Today, there may be a new high. Actually, Bitcoin didn't fluctuate much yesterday; we provided a resistance level around 76500. Bitcoin is consolidating while Ethereum is surging. We hope for a pullback today, with the support level set around 74000. Yesterday, the news from the Federal Reserve indicated a 25 basis point rate cut, which basically met market expectations. Today is also Friday; remember to take profits when they are available, securing gains is important. Risks are realized during upward movements, avoid chasing highs. A pullback is expected next week, and the market may consolidate over the weekend. Wishing everyone a happy and joyful Friday [fist bump][fist bump][fist bump]

Ethereum Daily

Resistance level around 3000

Support level around 2750

Ethereum surged crazily yesterday, this round of increase is more intense than Bitcoin, likely a catch-up rally. The resistance level of 2820 provided yesterday was easily surpassed. As long as it breaks through and holds above 2820, there is really a lot of room above. Today's resistance level is around 3000, with a long-term resistance level around 3400. It has already risen for 2 consecutive days; this is how the market works: the more it rises, the more shorts are opened, and the more shorts that are opened, the less it can drop. A bull market has arrived, try to remain bearish without shorting. Every pullback is an opportunity to go long. Remember to secure profits when available, wishing everyone a happy and joyful Friday [fist bump][fist bump][fist bump]

The above information is for reference only and does not constitute investment advice.