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The fluctuation of the encryption market, especially BTC's oscillation around the 69500 support level, is largely due to the variable impact of election support on cryptocurrency investors' emotions, causing the temporary pause of BTC and AltCoin rise momentum. It is obvious that this wave of Bull Market under the new pattern of 2024 is different from the past. In the historical data of the current crypto world, this wave of Bull Market is rotating in large sectors. Currently, there are two types of large sectors: BTC series and Ethereum series. The trajectory of the past bull market has lost its effectiveness, and the previous indicators are now used as a reference for reverse. This trend will continue in the future. The era when all coins rise together has passed. There were fewer participants and currencies in the previous Bull Market. Look at this wave of Bull Market. There are several times more participants than the previous Bull Market, and traditional financial institutions on Wall Street have entered the crypto world. Those who still believe that they can rise by simply buying in or making money by buying randomly are destined to become suckers and be harvested. History is no longer simply replicated, and the new market ecology requires us to embrace change and respond flexibly.
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BTC price fell back below 69,000 at midnight yesterday and was pulled back again, and is now back to around 69,500. The daily candlestick closes with a bardo candlestick, and the close is not optimistic, making short-term longs persistence still an issue. Perhaps with a wide tug-of-war. From the perspective of the four-hour chart, the rapid takeback after the inertia of the 4-hour chart, the typical Whipsaw technique, look at the strength is not sustained, and the weak has to recover, accompanied by the repeated see-saw Whipsaw, there is no strong unilateral side, although it is in an upward Rebound. But the daily candlestick is not out of the unilateral trend. Pay attention to yesterday's low in early trading, if it breaks directly, it is a continuation of the weak decline in the short term. Switching back and forth between long and short, it is necessary to respond flexibly in combination with the pattern, and at the same time, the point is more critical than the direction of the market.
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Ether is still weak in the current session, with a downward trend from around 2520 in the morning, testing a small Rebound at the lowest Long Wick Candle of 2467 in after-hours, which intensified the oscillation in the short term. With consecutive lower closes on the daily candlestick and 4-hour chart, the Candlestick pattern tends to fall first. It is not ruled out that it will retest the low point of the second wave. The current trend is in a wide range of adjustments. Without breaking the pullback of the box, it is just a better preparation for the future longs. In addition, with the upcoming election next week, if there is Favourable Information in the crypto world, the currency price is expected to rise above 2800, and I personally look forward to a pump action for longs next week.