Preface: Investment carries risks, and operations should be conducted with caution.
Article review takes time, and there may be delays in publication. The article is for reference only, and you are welcome to read!
Article writing time: November 24, 13:40 Beijing time
Market Information
- The U.S. spot Bitcoin ETF has seen a net outflow of $4.34 billion for four consecutive weeks;
- Tether CEO: Bitcoin will withstand the test of time;
- Federal Reserve officials support interest rate cuts, with the probability of a rate cut in December rising to over 70%;
- Barclays: Powell may push the Federal Reserve to cut rates next month;
- NYDIG: The driving factors for Bitcoin demand have reversed, but the long-term trend remains unchanged;
Market Review
I apologize for not updating in a timely manner last month due to some projects!
In terms of market performance, Bitcoin has been continuously declining recently, breaking below the previous low of 101,668, leading to a further drop. As of now, the low point is around 80,600, which is nearly a 36,000-point drop from the previous high. Ethereum's low point is at 2,886, with a drop of nearly 770 points from the previous high. I wonder how everyone is holding up during this decline. Now, the War God is here to lead everyone back to profit or recovery;
Market Analysis
Bitcoin
From a weekly perspective, although this wave of decline for Bitcoin has been rapid, it has not broken out of a major level. The overall trend is a normal correction, but the speed of the correction has made it a bit hard to accept. Currently, the weekly decline has touched the support level of the rebound from 74,505 to 126,178, which is around 85,500. After the decline, the weekly candle has closed back up, indicating that the short-term support at 85,500 is effective. The chances of the market continuing to decline below 74,500 are low, and there will likely be a rebound opportunity first. This is still considered a relatively bottoming area. Long-term traders can set up long positions or wait for a pullback to around 85 before entering. The rebound target is expected to be around 108,500. Short-term traders should avoid going long directly for now and wait for a market pullback to make their moves. Recommended entry point is around 85,000, with 84,000 for adding positions, stop loss at 82,000, and target around 91,000. For those looking to catch short-term pullbacks, you can try to seize the opportunity; manage your entry timing yourself. For short-term trading, control risks and manage your own profits and losses;
Ethereum
From a weekly perspective, the pullback of Ethereum is actually not as strong as Bitcoin's. The strong support below is around 2,150, where previous declines have stopped. However, as Bitcoin begins to rebound, the chances of Ethereum declining independently are also low. Currently, Ethereum has reached the first support at around 2,750 and closed above that position. The overall trend shows a bit more bullish strength. There is still a chance for a rebound to break the previous high of 4,958. For trading, long-term positions can be set up with a target around 4,060, and after reaching that, look for 4,450. Short-term traders can wait for a pullback before making their moves, with a recommended entry point around 2,750, stop loss at 2,650, and target in the range of 3,260-3,430. Manage your entry timing yourself; for short-term trading, control risks and manage your own profits and losses;
In summary:
The decline is basically over; it's time to bottom out!!
The article is time-sensitive, be aware of risks, and the above is just personal advice for reference!
Follow the WeChat public account "Crypto Lao Zhao" to discuss the market together;
In the crypto world, some people's demands can only be met by scammers. Everything cheap must be taken advantage of by oneself, and only scammers can satisfy these.
Trading is not always smooth; not every trade goes as planned. That is just noise in the pursuit of profit. Compared to seeking breakthroughs in technology, I pay more attention to psychological development. Most people do not fail because of themselves, but because they are trapped by themselves in a room. Even if life or trading is not satisfactory, believe that there is light in the world and love among people. Even a small bit of happiness in life should be embraced with a smile. Only by overcoming oneself can the future market bring unexpected surprises! Keep going, crypto people.
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