Hello everyone,
How are you all? I hope everyone is fine and doing great in their life.
Let us analyze the current market situation, as it has been a few days since our last analysis. As always, I am going to share the screenshot we have been using to study the market, focusing on Bitcoin to understand how the market might move in the coming days.
For now, we are looking at the 4-hour time frame, and I request everyone to keep that in mind because later in this blog, we will zoom out this chart and compare the 4-hour and 1-day time frames to determine whether this is the end of the bull cycle or just a difficult phase for traders.
In the screenshot below, you can see that I have zoomed out the area from the previous chart. The last support line, which was around 106k USD, was broken, and you can see 3 consecutive candles below that line. This means Bitcoin traded below the support for almost 8 to 12 hours, which is not a big deal.
If this had happened on the 1-day time frame, it would have been a blunder, as that would have been a clear bearish indicator. Traders would have panicked, and the market might have crashed. However, since this occurred on the 4-hour chart, it was likely just a liquidity squeeze intended to liquidate traders.
In the next screenshot below, you can see the 1-day time frame chart, which looks quite strong. The support at 106k USD held firmly, as shown clearly in the chart. Currently, Bitcoin is trading near the second support zone between 109k and 110k USD.
If this support holds on the 1-day time frame, we could move up toward the next resistances at 112k and then 113k–114k USD. However, if this support breaks, we might retest 108k or even 106k again. Let us hope this support holds this time.
The market has been very manipulative in the past few days, which worries me. That is why I am not trading at the moment. I bought a few tokens recently, but it did not go well, and I am going through a tough phase. So, I plan to stay away from trading for at least the next couple of days, or maybe until the month ends.
In my opinion, the bear market has not started yet because Bitcoin is still holding above 106k USD, which I believe is the strongest support. Unless that level breaks down, there is no reason to panic. As you saw in the 1-day time frame chart, we still look stable.
Now, we just have to wait and see whether Bitcoin will reach its all-time high again or consolidate here before moving down.
For altcoins, I believe November could bring some recovery and positivity in their movements. However, I do not expect a 5x or 10x return from them anytime soon.
This section is for the games I play on Hive blockchain. You are free to skip this section if you are not interested in reading about the games here.
From my terracore base you can see the attacks executed by me in the screenshot above. I did my best and won the 753 scraps today but with 6 attacks, it was 7 but one was secured because of stash full condition. One of them was dodged and so the 5 attacks got us 753 scraps.
Maybe tomorrow or later I will share from other games!
Thank You and make sure to check Crypto Company CEO services as I recently shared in my blog. You can simply click on the picture below and it will take you to their official website.
