Hello everyone, I am Eleven. Yesterday we experienced a crazy journey of Bitcoin, so let’s continue to review yesterday’s market.
Bitcoin showed a strong upward trend yesterday, soaring to 34,868. Are you satisfied with this increase? Then Bitcoin fell back. But the fallback did not last too long. The price immediately rebounded after stepping on the big channel.
For those of you who have been following the National Day holiday, you may remember that we mentioned the price range of 34,000 to 34,100 in yesterday’s article. It turns out that this price range is indeed a key support level and provides us with a good opportunity.
At present, we see that the Bitcoin market is still above the dividing line between the rising channel and the bullish point, and below the small channel, and an exceeding signal is about to appear. Eleven believes that the trend of Bitcoin during the day is likely to continue to fluctuate upward, and there is limited downward space. According to the current trend, the dealer seems to intend to close a beautiful monthly K line. Once the K line of this month is closed beautifully, the next trend will be clearer.
Market Analysis
Eleven believes that if Bitcoin closes at the one-hour weekly level to confirm a breakthrough, it is very likely that the price has stabilized above $30,000. Although we cannot be overly bearish, the risk of missing out has been defined. If the market falls below $30,000 again, it may need to be adjusted. Eleven boldly predicts that this adjustment will last for at least two weeks because it is a 4-hour adjustment. During this adjustment process, as long as the 33,500 level is not broken, long orders at low levels can continue to be held. Eleven suggests that the stop position can be set at 32,400.
Eleven noticed that except for Bitcoin, other altcoins have also reached their respective pressure levels. This situation generally indicates that the market may be more turbulent that night. Therefore, here Eleven does not recommend any itchy operations now, unless you are sure that the currency has broken through its key support level.
As I said before, the support level of $30,000 is very important. Once it falls below, the next support level will be $20,000. At this critical moment, I remind you to stay calm and wait for the market to adjust and the event to develop. At the same time, what we need to do is to pay attention to the key support and resistance levels, and do a good job of risk control and position management.
If you have any questions, you can ask me directly. As long as it is something I know, I will tell you everything!
