The price trend of Bitcoin in the past week can only be described as crazy. Starting from November 5th at 5 AM with a price of 66835, it has risen to 89940 this afternoon, a full week later, with an increase of 35%, rising by 23000 USD without significant pullbacks. For those, like the medal, who have been calling for a bull market since the end of August, predicting that the price would break through 80,000 USD has not been advantageous in this surge. The prediction of a short position at 79000 was still unsuccessful when it was 75000 USD, despite being ahead by 4000 points. Last night, the medal reminded everyone not to chase the highs anymore, as indicators show a short-term peak. Today's price has dropped nearly 5000 USD from the highest point; it’s better to wait than to incur losses.
In fact, the main reason for missing out is the rapid rise, which left little opportunity for conservative holders to enter, and they were waiting for a washout of long positions to enter. The result was that this large pullback was never seen, making it impossible to enter and follow along. Even though the bullish trend looks healthy and strong in form, there is still a lack of courage to chase long positions.
Of course, the main reason is the inability to effectively gauge the psychological drive behind this main force's rally. Since the bullish environment in the market has been established, and there is almost no expectation of negative news, how could the main force afford to pull back to give everyone a chance to enter? As a result, those like the medal, who waited for a pullback to clean up long positions before entering, ended up losing out.
As for the upcoming trend, the medal still insists that the overall trend remains bullish. Since the average holding price of the main force exceeds 60,000 USD, based on the medal's analytical experience, the price will need to rise by at least double to have a complete escape space, meaning that Bitcoin's bull market high will be at least between 120,000 to 150,000 USD, or even higher. Currently, the price has risen, and the market makers will conduct price protection actions to cash out a certain amount, exchanging for upward funds while also swapping market chips to raise everyone's average holding price and solidify the foundation. Therefore, it is inferred that there will be a short-term horizontal action at a high price. The short-term price prediction suggests a certain selling pressure leading to a drop, followed by a return to around 89000, repeating similar actions, which is suitable for short-term traders to operate in boundary reverse fluctuations. The short-term fluctuation range is expected to maintain within 85000-90000. Of course, although the upward expectations are high, it is still not recommended to chase the large rise of the past week. A better short-term entry point is at 85000 USD, while a conservative mid-term entry point is around 82000 USD.
During this period, it is recommended to continue to adopt a strategy of buying on dips in response to the bullish trend. After all, since the top has broken historical highs, it is indeed difficult to predict where it will ultimately end, but no matter where it is, the outcome will certainly astonish everyone.
Regarding the upcoming participation, while Bitcoin stabilizes and fluctuates, mainstream altcoins will have opportunities to shine, and the medal will provide analysis and recommendations for some spot currencies to make up for regrets. Due to time constraints, I will also directly provide the entry points for the currencies, as once the formation appears, there will be no time to spend several hours writing an article in response.
Regarding specific operations for Bitcoin, it is recommended to wait for long positions in the strong support range of 81500-83000, with an additional position at 79500 (once the additional position is in, half should be cashed out to reduce risk), and a stop loss at 78000. For short-term profits, look for prices above 86500. Because of the bull market, there will be large fluctuations; stop losses for trend positions should be appropriately widened to withstand these fluctuations and avoid being affected by price changes.
In terms of spot trading, I recommend JTO IO, and we will gradually start spot market analysis for entry.
The medal has been watching the market dynamics in front of the computer, ready to answer questions for everyone at any time. Welcome to follow the medal, helping you stand at a high position and pursue wealth in the crypto world from a professional perspective.
