11/09 Bitcoin is about to break through, short positions are blocking it, and the upward momentum remains unabated. Can we short it?
In the morning, Bitcoin broke through 36000 and touched 36106 (BN) 36123 (OK). Yesterday I reminded that the key pressure level was 36170, which was dozens of points away. The upward momentum was weakened, and short selling was only short-term. Ethereum did not break through. The longer this 4-hour shock lasts, the more unfavorable it will be.
Let's take a look at the 2-5-10-year yields of the U.S. Treasury bonds, which have experienced different degrees of correction. After a false breakthrough, the U.S. dollar index fell back into the box where it had been fluctuating for more than half a year. After a short-term rebound, it continues to see a correction. After rising for five consecutive days last week, the three U.S. stock indexes had a small fluctuation this week. The weekly chart of the big cake does not rule out the possibility of continuing to rise and then correcting. This has always been our script. This may be similar to the wave of rushing to 31,000 in April.
Flatbread
There are two obvious characteristics in the 4-hour chart. If we look at the ascending triangle, the false breakthrough in the morning came under pressure and fell back, but it was still below the upper edge of the triangle. The ascending triangle is generally a breakthrough pattern, and the 4-hour chart is still rushing upward after closing. This is generally caused by small retail investors pushing up or institutions testing positions. If it is a large institution or fund that directly reaches its target in one step, it will not give retail investors a chance to get on board.
The second is to regard it as a 4-hour rising channel. Then there is no breakthrough yet, and you can only buy high and sell low within the channel and then see how the channel will choose its direction.
⚠️Note: If these two patterns break through, you still need to pay attention to the fact that this is similar to the wave of 31,000 in April, so don’t imagine that the daily three-wave tail market will be too high.
ether
The daily line also continues to diverge. After the 4-hour breakthrough, it has been short-term oscillating with an amplitude of less than 100 points. Wait patiently for the box to choose a direction. If the ETH/BTC exchange rate continues to decline and can rebound from the W bottom as shown in the figure, it is expected to test the pressure near 2000 upwards.
As for the altcoin, we first reminded on 10/24 that the exchange rate would hit the support and rebound, and on 11/01 we reminded that the exchange rate would stay at the bottom and we might wait for the altcoin to rebound. This wave of altcoins lasted for 1-1.5 months, and we also seized many good opportunities. Be neither arrogant nor impatient and make steady profits. I also wish everyone can make a lot of money...$BTC $ETH $BNB #web3钱包 #BRC20
