Market Analysis on 2024.11.12

Bitcoin Daily

Resistance Level: around 90000

Support Level: around 83000

Bitcoin has been hitting new highs every day, and it surged 11% yesterday, reaching a peak of 89575. Such a market is hard to come by, but most people can't hold on, including myself. The rise is so overwhelming that it makes one anxious and question life, and there hasn't been even a slight pullback. This wave has completely missed the opportunity. I've previously mentioned that I'd rather miss out than chase the highs. Yesterday, I actually opened a short position at 81300, luckily it was options, so there was no risk of liquidation, just a loss of a day's premium. If it were a contract, it would definitely have liquidated to zero. The recent market has been extreme; when it rises, I don't want to chase it, and when I short it, it doesn't pull back. In fact, the more people short, the less likely a pullback is. This is human nature! During a bull market, one must leave a long position; otherwise, it's easy to miss out. Let's see if there can be a pullback today, with the support level set around 83000. Today, I will still try to take a short position, anyway, it's perpetual options, so there won't be liquidation. I'll just wait for it to pull back. For those who have profits, remember to take them, and congratulations to those who have made gains. Wishing everyone a profitable Tuesday with smiles.

Ethereum Daily

Resistance Level: around 3550

Support Level: around 3180

Ethereum was affected by Bitcoin yesterday, rebounding to around 3387, approaching an important resistance level, which is also the resistance level for this week. Recently, Bitcoin and Ethereum have been taking turns to rise without any breaks. Ethereum will definitely catch up as Bitcoin is already near 90000, while Ethereum is still 1500 points away from its previous high! This is abnormal. Missing out on Bitcoin, I hope the brothers don’t miss out on Ethereum. Ethereum is still at a low level, and there is still considerable room for growth. It would be best to wait for it to pull back to the EMA 5-day line around 3180. For those with profits on short positions, remember to take them, don't be too greedy. In a bull market, look bearish but don’t short. Wishing everyone a profitable Tuesday with smiles.

The above information is for reference only and not investment advice.