Bitcoin Market Analysis (November 17)
Patience in waiting, courage to open a position, boldness in taking a large position, steadfastness in holding a position, decisiveness in cutting losses, and firmness in taking profits are all core elements of trading. Finding what suits you best is the best approach. Long-term, short-term, and ultra-short-term trading—some people profit, some lose. First, you must understand yourself. Hello everyone, I'm trader Gege. Bitcoin has fallen below 100,000. From the sharp drop in early October to the subsequent volatile decline, are the bulls feeling desperate? This is the market; there is no perpetual rise, no perpetual fall, and nothing lasts forever. Ups and downs are the norm in the market. If you are a follower of a particular direction, you'll experience both highs and lows. Let me briefly update the technical analysis. Let me reiterate my previous view on bull and bear trends, which remains unchanged. Pay attention to the 90,000 level. If it breaks through and then rebounds but fails to hold above 100,000, and continues its volatile decline, the probability of entering a bear market is very high. Conversely, it could even rise to 110,000, in which case there will be another new high. During the pullback and market correction in March and April, my articles consistently reinforced my bullish sentiment. That was during a bull market; now, I'm less convinced and more cautiously observing the market. Bitcoin's weekly chart shows a bearish candlestick breaking below the 60-week moving average (MA60), the first time this has happened since the rally began in mid-2023. This is noteworthy, but it hasn't yet broken the uptrend line. Meanwhile, the MACD lines are nearing the zero line after a bearish crossover. If it finds support and turns upwards, or even crosses back upwards, it wouldn't be too bad for the bulls. If it does, there could be a decent rebound. We're approaching a crucial moment: will it retest the lows and consolidate, or will it continue downwards, breaking the bull-bear dividing line and then experiencing further declines? The answer is clear. Therefore, my trend-following entry recommendations will be initiated accordingly.