Li Shengting: 11.10 Bitcoin/Ethereum Evening Market Analysis and Trading Ideas
Today, Ethereum continues to rise, reaching a peak of around 3200. From a technical perspective, Ethereum has increased by nearly 1000 points over the past few days, while Bitcoin has also seen a significant rise. Notably, this increase has not been accompanied by any pullback adjustments. From the daily technical indicators, this round of upward trend belongs to the final surge of wave C. Currently, the resistance level for Bitcoin is around 7.85-8.25. From a broader perspective, there is a gap in the coin price, and tomorrow marks the weekly update time, which will certainly create a gap at the midline after the weekly update. There has been no technical adjustment this week; in simple terms, the adjustment will be stronger next week. Once Bitcoin completes its peak, the subsequent coin price will welcome the pullback sentiment of wave C, with a likely drop of around 0.382-0.615 in that area. After the adjustment is completed, it will continue to rise.
From the daily technical indicators, this week is characterized by a volume increase. KDJ has formed a golden cross at a high position, and MACD is currently in a golden cross volume stage. BOLL has opened, but the upper track has shown severe breaking; the main chart's 3-day moving averages are arranged in a bullish pattern, and the upward momentum is strengthening. This indicates that the emotional momentum of the moving averages is indeed influenced by trading volume. According to the Fibonacci levels, the current 0.382-0.618 price is in the 74k-71k area (this area is also the position of the MA5 daily moving average next week). If the unilateral trend continues to stretch, there will be at least a 4-5k pullback sentiment next week.
From the 4-hour technical indicators, Bitcoin has stabilized at the green TD9 and is experiencing a lag, while Ethereum has currently appeared at the green TD9. This round of TD's unilateral movement has not been accompanied by adjustments, so everyone should be cautious at high positions. Bitcoin and Ethereum continue to rise unilaterally today, and the subsequent adjustment may occur before next Wednesday, at the latest not exceeding Wednesday. Currently, Bitcoin's high position in this round is at 80k-82.5k, and next week is highly likely to welcome a pullback sentiment, with the low target reference around 74-71k.
