Bitcoin experienced a pullback overnight, falling below the 71000 mark. Currently, it seems that the strength of this pullback is nearing its end. The overall market rhythm appears to indicate that tonight there will be another test of support levels and a tendency to stabilize, followed by a continued upward trend tomorrow, Friday. Another possibility is that after hitting a low tonight, the market may start to gain momentum around midnight, leading to an accelerated upward trend for tomorrow, Friday!
Big pie: 71900-72200, target 73000-74000 Ether: 2600-2630, target 2690
Today marks the critical moment of monthly closing, and it is expected that the market will make significant moves. According to the latest trend chart analysis, Bitcoin has constructed a structure of breakout followed by callback and confirmation. Although the market adjusted yesterday, it successfully held the support level of 71,000 during the retracement process and is currently continuing to climb upward with a strong positive line, which demonstrates the strong attack of the bulls. If today's big positive line can continue its efforts and successfully break through the resistance area near 73,600, then Bitcoin is likely to further attack the high of 75,000.
After briefly touching a high of 73,000, Bitcoin has mostly maintained slight fluctuations around 72,000, a sign that the cryptocurrency market is about to enter an upward trend.
Previously, when Yi Xin proposed that Bitcoin would rise once it reached 73,000, many laughed at the idea, firmly believing that Bitcoin could not reach this level in such a short time. But what is the reality?
The leap from 60,000 to 73,000 took less than three weeks. Unless the market faces significant negative news, Bitcoin is expected to steadily stand above the threshold of 73,000 in November, which also means that the cryptocurrency market is about to enter a brand new phase, with 85,000 Bitcoin seemingly waving enthusiastically at us.
Bitcoin is currently in a high-level consolidation phase, and we remain optimistic about the future outbreak of bullish forces. The strength of short-term pullbacks is relatively weak, and each pullback is quickly recovered by bullish forces. Therefore, the current market performance can be viewed as a pullback accumulation, paving the way for the upcoming rally. Our next strategy will mainly focus on positioning for long trades at low levels!
Bitcoin is currently in a high-level consolidation phase, and we remain optimistic about the future outbreak of bullish forces. The strength of short-term pullbacks is relatively weak, and each pullback is quickly recovered by bullish forces. Therefore, the current market performance can be viewed as a pullback accumulation, paving the way for the upcoming rally. Our next strategy will mainly focus on positioning for long trades at low levels!
Today's focus is on Bitcoin's support level around 71,500. If it does not break below this line in a short period during the day, its upward trend will continue, and overall upward momentum is quite strong, with the daily chart expected to reach around 75,000. Once again, we should reduce our attention to the pullback market.
Looking back at yesterday was truly spectacular and incredibly exciting☺️
Yesterday, Yixin Si resolutely observed the market and made moves, with Bitcoin surging and harvesting nearly 3000 points of space. There were no hindsight remarks; the analysis was all shared publicly in advance across the internet. Bitcoin was even stronger than expected, directly soaring to 73600. With such strong market sentiment, are 74000 and 75000 far off?
If you also want to have a place in the crypto market, you might consider discussing more with Lai and Yixin🤝
Bitcoin: Pullback to 72000-72300, target 73500-74000
Ethereum: Pullback to 2600-2620, target around 2700
From a short-term perspective, after the bullish forces pulled back to close to 72000 around midnight, they once again demonstrated their strong power, achieving recovery. Although the movement appeared somewhat circuitous, each step was accompanied by slight pullbacks, yet the price continued to rise, recovering lost ground. Such a strong performance is self-evident. Yesterday, it was emphasized multiple times that as long as the upward trend line remains intact, the bullish logic remains solid and unchanged. Any pullback can continue to be seen as a buying opportunity.
In the afternoon, I stepped back and continued to drink 10967 oil!
The pie was 70888 in and 71436 out, with a profit of 548 points.
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Bullish
10.29 market trend analysis:
Big pie: around 70800-70500, target 72000 Ether: around 2600-2580, target 2650
Analyzing from the current four-hour trend framework, Bitcoin’s buyer power has increased significantly and has successfully crossed the upper resistance line. It is worth paying attention to the overall box pattern. Looking at the one-hour time frame, Bitcoin's bullish increments are slightly weak, showing signs of a correction. At this time, the important support area below should focus on around 67,000 points. For short-term traders, the first-line price of primary concern is 70,500 points, while the second-line price of concern is around 70,000 points.
Driven by the recent strong bullish power, the market continues to hit new highs. Faced with such a situation, we should not rashly speculate on the top position, but should act in accordance with the market trend. At present, the market has once again experienced a slight correction and is consolidating at a low level. The operating idea at noon remains unchanged, and it is still a bullish strategy of continuing to buy on dips.
Since weekend evening, Bitcoin has almost been on an upward trend, with few opportunities for a correction. Currently, its price is approaching $71,500, standing firmly above $71, and is gradually approaching its all-time high.
Next, we should pay close attention to the dynamic changes in the news. If Trump fails to win the election, the market may usher in a more significant correction.
From the perspective of technical analysis, the small-level unilateral upward trend currently lacks sufficient reference basis. Currently, an obvious pressure level appears near the weekly K-line, which is approximately $72. Once it successfully breaks through this pressure level, it may reach a higher target price in the future, and may even break through the 80,000 and 90,000 marks.
However, it is worth noting that this current upward trend, which lacks a pullback, is not considered a healthy market behavior. However, before the election, the market may experience a washout process.
At present, the short-term high has been buffered to a certain extent, but the overall upward trend remains unchanged! If we imagine from another angle, if the price climbs to 78,000, does it mean that many long investors have missed the opportunity to get on board? And will short investors continue to join in the process? These are difficult to determine. Therefore, it is recommended that under the current circumstances, we should still follow the market trend and adopt a bullish operation strategy!
In the afternoon, the price supported by market sentiment is around 70,500, while the pressure level is around 73,000! If there is a pullback, it is an opportunity to buy, and there is no so-called reason to short.
Bitcoin was stronger than expected, breaking through the 70,000 mark.
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Bullish
10.28 Market Trend Analysis:
Bitcoin: Around 67700-67500, looking up to 68500-68700
Ethereum: Around 2480-2465, looking up to 2530-2550.
In terms of the current four-hour chart structure, the bullish trend of Bitcoin is showing growth, with attention needed on the dynamics near 68500 above, while changes near 67400 below should also be monitored. From the one-hour chart structure, the bullish force of Bitcoin is strengthening and showing an upward trend, with a key focus on the area above 68200.
Big pie: around 70800-70500, target 72000 Ether: around 2600-2580, target 2650
Analyzing from the current four-hour trend framework, Bitcoin’s buyer power has increased significantly and has successfully crossed the upper resistance line. It is worth paying attention to the overall box pattern. Looking at the one-hour time frame, Bitcoin's bullish increments are slightly weak, showing signs of a correction. At this time, the important support area below should focus on around 67,000 points. For short-term traders, the first-line price of primary concern is 70,500 points, while the second-line price of concern is around 70,000 points.
Driven by the recent strong bullish power, the market continues to hit new highs. Faced with such a situation, we should not rashly speculate on the top position, but should act in accordance with the market trend. At present, the market has once again experienced a slight correction and is consolidating at a low level. The operating idea at noon remains unchanged, and it is still a bullish strategy of continuing to buy on dips.