Bitcoin Analysis on November 11
Things are different after Trump was elected; Bitcoin has been reaching new highs every day, and today it has surged to 82,000. The rise of Bitcoin has also revived many altcoins, while some normally decent altcoins have faltered at this critical moment. So as I always say, try to avoid altcoins and focus on buying mainstream coins.
From the daily chart perspective, yesterday’s daily line closed up nearly 5%, and at one point, it broke through the $80,000 threshold. The overall market remains in a strong one-sided trend; looking at the 4-hour chart, after consecutive bullish candles, the largest pullback was only to the 4-hour MA10 moving average, basically steadily moving upwards along the 5-day moving average. Currently, there are no signs of topping out. Even if a peak is reached, it will only fall back and fail to challenge the peak again before it truly enters a correction trend. Therefore, as long as it does not break below the 4-hour MA10 or experience a significant pullback with a second failed peak challenge, we should still look to go long.
Entry position for going long can be around the intraday low near 80,200, with the first target set near the intraday high of 81,800. If it breaks through, you can continue to hold and look for new highs.
