Today is November 18, 2024, Monday. The weekly line of Bitcoin has closed, and the upper shadow line is not too long, indicating that the selling pressure from above is limited. After two consecutive weeks of large positive lines, there is a need to pull back and accumulate strength. The rise is not achieved overnight, but the pullback often comes rapidly, especially in the bull market. A sharp drop is also a normal phenomenon. Therefore, during the pullback process, don't panic. If you are given the opportunity to layout at a low level, choose to do part of the position.
At present, Ethereum is still too weak compared to Bitcoin, and its overall trend is still linked to Bitcoin. I personally think that the reason for Ethereum's weakness this time is that some funds have been drawn away by the L2 track, and secondly, a lot of funds have been attracted by SOL, TON and SUI projects. This market is so big, and most of the current incremental funds are still going for Bitcoin. Fortunately, there are only Bitcoin and Ethereum in the current ETF, so the rebound of Ethereum is relatively certain.
At present, Ethereum still has a certain support effect near $3,000, but if Bitcoin falls back to around $85,000, then there is a high probability that Ethereum will fall again to the position of $2,800-3,000. This position is also very cost-effective if you want to buy the bottom of Ethereum. At present, I have made some profits on Ethereum above $3,200, and I am ready to re-enter when it falls below $3,000!
I personally think that the current position of Bitcoin is at risk of a pullback, so I did not choose to be too aggressive in building positions. This wave of reduction in positions can be regarded as a relatively reasonable defense. After all, Bitcoin has not experienced a decent adjustment since it came up from the bottom. The probability of directly breaking through 100,000 is there, but the probability is not that high. In comparison, a pullback may be able to go healthier and further, but we really don’t like callbacks! Especially now that the cottage industry has not risen much, but everyone still needs to look at the market rationally!
The expectation of a market change will still occur at night. The SOL ecosystem rebounded over the weekend, and the DOT ecosystem also rose. So when we see the leading stocks rising, we can also pay attention to the opportunities related to its ecosystem. There are expected to be some local opportunities during the day recently, but their sustainability is limited. Therefore, if you want to build a position, it is recommended that the safe way is to wait for the arrival of a certain low-level layout opportunity!
Judging from the liquidation map, there is pressure above Bitcoin near $92,000, and support below near $87,000. Be patient and wait for the opportunity to layout at a low level!
Today’s article ends here, see you next time!
Investing involves risks. The above content is personal sharing and does not constitute investment advice!
