Bitcoin: Over the past few days, there has been a strong emphasis on transitioning from a bullish to a bearish outlook. Since Monday, Bitcoin has retraced for three consecutive days, and the market is currently adjusting its deviation. Yesterday, it traded around 67,000, and after multiple failed attempts to break through the support level at 66,600, it has formed a strong support. On the daily chart, the market is likely to attempt another downward breakthrough, still constrained by the moving averages.
On the 4-hour chart, the candlestick has turned down again, indicating that the market still has room to break lower! For intraday operations, consider shorting on rallies, with key resistance at 67,350-67,800 above and support at 66,600-66,000 below.
Altcoin: On the daily chart, a three consecutive solid bearish candlestick pattern has formed, contrasting with Bitcoin's multiple attempts to test support. Altcoin continues to show a persistent downtrend without turning back, and there is currently no clear minor support in the short-term trend. Altcoin has retraced from its peak to between the MA7 and MA14 moving averages, which can serve as a defensive support point. On the 4-hour chart, since the death cross of the MA mentioned in yesterday's report, there has been no significant reversal signal, and it continues to be pressured by the MA7 moving average. For intraday operations, maintain a strategy of shorting on rallies, with critical support at 2,630-2,665 above and resistance at 2,580-2,650 below!
Altcoins: Currently, market liquidity is poor, and overall trading volume cannot keep up, allowing only Bitcoin's trend to persist, while Altcoin and other altcoins are essentially stagnant. The current market needs to consolidate; without consolidation, prices may rise daily until the end of the month and the beginning of next month. Coupled with the upcoming election news, there is not much room for movement. In short, it’s a waiting game, as the market oscillates downward alongside Bitcoin and Altcoin. That being said, light positioning is acceptable, but it is essential to monitor the asset and speculative interest, focusing on ultra-short-term operations, as the timing for long-term investments is not yet right.
