Bitcoin is said to be reaching new highs, but it has fallen below the 70,000 mark. Are you brothers afraid?
The global market suffered an "indiscriminate" sell-off on Thursday night, including gold, the US dollar, the US stock market, US Treasuries, and Bitcoin. The market is as expected, and yet not as expected. What is as expected is that BTC did indeed rise in October, but what is not as expected is that the altcoins did not follow the rise!
The pressure for BTC to reach new highs is still very high, and the breakthrough has been unsuccessful, entering the correction stage. BTC led the way down in the early morning, and all the spot prices plummeted.
The current market price is around BTC69200 and ETH2500!
Bitcoin followed the US stock market in a slight correction last night, which was also within expectations:
Because on the eve of the current election, various things will lead to a surge or a pullback, and there is also the fact that the long positions are too many, and they must be cleared before a normal rise can occur.
Bitcoin is currently verifying the support around 68000. In the next two days, the market is more in a wait-and-see attitude, waiting for the results of the US election, so short-term leveraged users need to pay attention to the risk. Our overall judgment on the market has not changed.
Just did some statistical data:
On 10/29, STH sold 232,000 coins, LTH sold 15,000 coins;
On 10/30, STH sold 251,000 coins, LTH sold 18,000 coins;
On 10/31, STH sold 207,000 coins, LTH sold 11,000 coins;
It can be seen that:
1. The selling pressure from 10/28 to 10/30 mainly came from "short-term profit-taking" positions, and on the 31st, the selling pressure mainly came from short-term "trapped positions";
2. The 29th and 30th were an accelerated distribution process, including both LTH and STH. By the 31st, the selling pressure began to weaken.
3. Continuing to observe the data in the next few days, whether it is a sustained slowdown or an accelerated distribution, can be used as one of the bases for short-term judgment.
4. The current average cost of STH is around 64,000, and as long as it does not break this level, we believe the trend will not change.
Panicked by the downward trend? Then let's talk about the strategy first:
Altcoins (including Ethereum, the garbage), when Bitcoin has an upward structure, when to re-enter the altcoins, or some altcoins can be bought after Bitcoin has completely broken through new highs.
For the spot market, only when Bitcoin breaks through new highs and ETH takes the lead, there is hope.
Don't be anxious, don't FOMO, it's you who gets trapped:
Don't buy garbage altcoins, don't buy those without trading volume, don't go all-in, keep some positions! There are too few coins with independent market trends, and when you encounter a coin with a large increase, you must get out in time!
Hold the low-cost BTC spot position without moving, no BTC-denominated futures positions, and no contract positions opened. If you don't understand it, don't do it, and you won't lose money.
The spot market has basically not moved, continue to wait and see!
Why maintain the above strategy?
External environment:
The US election is approaching, and the uncertainty in the financial market is increasing, and the capital in the US stock market is choosing to hedge, which can be seen with the naked eye.
BTC is a stock in the US stock market, and it is highly likely to follow the trend of the US stock market; altcoins are all BTC's children, and they are highly likely to follow BTC's trend; while meme-type children like MEME may have independent trends and narratives.
As for when the BTC spot will run? My cost is at 51,000, and when to run, I just need to know that I have the initiative above 51,000, and that's enough. As for when to run? I haven't decided yet.
The non-farm data will be released at 8:30 pm tonight, the previous value was 25.4, and the market generally expects it to be 11.3. If the data is lower than expected, it may increase the pressure on the Fed to cut interest rates. The data tonight will affect the short-term market trend, so everyone needs to pay attention to the risk.
In my personal opinion, the breakthrough of BTC to new highs is still certain, and the constant corrections and surges are just fuel for the contracts. Don't touch the altcoin contracts, the ups and downs are too big.
That's it for the article, if you like it, please give a follow and a like~
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Creating a password welfare group! (I plan to find some low-market-value coins with news faces to ambush in the near future, to help everyone recover the losses. The altcoin season is about to come, and I will lead everyone to seize the opportunity to double the altcoins! The next password I will announce in the welfare group!!)
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