Market Review
Yesterday, BTC began to correct and consolidate, pulling back to around 85,200, then quickly recovered, showing a corrective market, with a relatively rapid short-term upward correction and consolidation, which is a normal demand. It is expected to continue consolidation during the day, focusing on the 85,000 support level. Currently, the Greed Index has soared, and it is suggested that BTC holders start to reduce their holdings and control risks, as the daily chart has entered the overbought zone, and the weekly chart has also entered the overbought zone, with a relatively strong correction expected. Pay attention to changes in market sentiment, reduce holdings to avoid risks, and the long-term trend remains bullish. ETH followed BTC's synchronous correction yesterday, with a short-term rebound to 34,500 and then a correction to around 3,200. It is expected to continue to consolidate during the day, focusing on the 3,150-3,200 support level. Altcoins followed the mainstream correction. It is recommended to hold SATS patiently, and consider closing the position around 50. PEOPLE has recovered its previous market performance, with no significant upward trend during the election period, and many people have exited the market, so it can be considered to continue holding. FTM is recommended to be held, and the new altcoin ACT can be considered for follow-up, as it is expected to have good upside potential.
Highlights for Today:
BTC: The 1-hour and 4-hour levels are higher than the healthy level, and the daily chart has entered the overbought zone. It is expected to consolidate and fluctuate upwards during the day, and the long-term trend is not weakened. The downside support is 85,000-85,500, and the upside resistance is 88,800-89,300.
ETH: The 1-hour and 4-hour levels are higher than the healthy level, and the daily chart has entered the overbought zone. It is expected to consolidate during the day, with the downside support at 3,150-3,200 and the upside resistance at 3,350-3,400.
