【Analysis of major trends】
Affected by the US election and winter time, the Federal Reserve decided to announce the interest rate decision at 03:00 Eastern Time on November 8. Normally, the Federal Reserve will hold meetings on Tuesdays and Wednesdays and announce its decision on Thursday morning, but this time it happened to coincide with the US election, so the Federal Reserve's interest rate meeting was postponed for one day.
Investors are looking to Federal Reserve Chairman Jerome Powell to cut interest rates by a quarter point this week to keep his planned rate cuts on track despite some signs of stubborn inflation and mixed signals about the job market.
This week’s FOMC meeting was a refreshingly simple decision, and the case for rate cuts remains valid. Fed watchers expect Powell to build consensus around a smaller rate cut after the big one in September.
【Daytime analysis part】
BlackRock's Bitcoin spot ETF IBIT hit a new high in trading volume yesterday (11/6), reaching US$4.1 billion, while the total trading volume of all Bitcoin spot ETFs was US$6 billion. It was an all-round explosive day, and the net asset value of all Bitcoin spot ETFs has reached US$76.48 billion.
BTC has broken through the highs of more than 200 days and set a new historical high. This is a new opportunity for the market.
This breakthrough of BTC was supported by the news of the election, but structural changes have also occurred from a technical perspective. Of course, after breaking through the historical high, although it is impossible to judge the top, we must follow the trend of the new beginning and maintain an optimistic attitude towards the market outlook.
After all, it has been eight months of accumulation, so the longer the horizontal distance, the higher the vertical distance.
In the early stage, the 66000 line was deployed, and when the 68500 level was broken, the offensive strategy was adopted to participate in the entry of short-term positions and the risk control position was set to the 71000 line to ensure unbeaten.
In view of the current market situation, we should pay attention to the recent adjustment range of BTC. During the adjustment of BTC range, both Ethereum and altcoins will have compensatory rises. Seize the opportunity.
【Counterfeit spot recommendations】
Those who entered the market near 2400 in the early stage of ETH and increased their positions after breaking through 2555 can continue to hold the coins, and adjust the risk control position to 2650 to ensure undefeated.
After ETH’s recent breakthrough, it is highly likely to fill the gap of 2700-3000 formed in the previous period. At the same time, 3000 is also a short-term resistance level.
After BTC moves into a range in the later period, Ethereum and altcoins will continue to make up for the losses, which is also the direction we focus on.
There is a rotation effect of market funds. Among the top 100 cryptocurrencies, LIDO leads with an astonishing 33.58% increase, followed by Ethena and Raydium, which rose by 27.81% and 27.29% respectively.
These are just the altcoins that will be prioritized. During the BTC adjustment process, more strong altcoins will emerge.
Altcoin recommendations:
STRK 0.4 is the base position, and 0.385 is the additional position.
PYTH enters the base position at 0.38 and increases the position at 0.365.
