Zhou Yanling: Strong Mid to Long-Term Bullish Trend for Bitcoin on November 8; Ethereum Can Be Bought on Pullback
Last night's strong rebound in Bitcoin is telling everyone that the bull is just temporarily lowering its head to graze; the bull has not run away! Additionally, the Federal Reserve announced a 25 basis point rate cut to 4.5%-4.75%, and inflation continues to move towards the target. The significant positive fundamentals have once again contributed to the price surge, so the bullish trend remains unchanged. Short-term shorts should be taken and exited quickly; do not be overly greedy. Holding onto the long-term bullish trend is the key.
Moreover, after this round of slight adjustments, a new wave of significant increases has already begun. However, before the real surge, it is essential to have a wide range of fluctuations within a relatively defined range. By expanding the cycle to the daily level, we can see that this bull market for Bitcoin started in September, and as of now, the daily level top structure has not appeared. Of course, the progress of the trend is tortuous. As Zhou Yanling mentioned yesterday, adjustments do not indicate a peak; small adjustments lead to small increases, while large adjustments lead to large increases! If a true peak occurs, there will definitely be a corresponding top structure, but this top structure has not appeared yet. Therefore, we should remain firm in our long-term bullish outlook. By expanding the cycle and grasping the main contradictions in the market, we should avoid flipping back and forth in small cycles. The larger the cycle, the stronger the stability. Although the larger cycle cannot provide specific entry timing, it can help maintain the correct direction in a chaotic market. Currently, the 1-hour chart has not yet bottomed, which means there is a high probability of continued fluctuations during the day. Pay close attention to the support around 74500 during intraday pullbacks. As long as this level is not broken, any pullback during the day is an opportunity to re-enter long positions. (Ethereum has been catching up these past two days, so it can be a good opportunity to grasp.)
Bitcoin Trading Strategy for November 8:
Buy at 74500-75100, stop loss below 74000, target 76200-76800. If it continues to break above, consider reducing positions and taking partial profits, while holding the remaining portion to look towards around 78000.
Sell at 77900-77400, stop loss above 78400, target 76800-76200.
Ethereum Trading Strategy for November 8:
Buy at 2870-2900, stop loss below 2830, target 3050-3090.
Sell at 3100-3060, stop loss above 3140, target 2980-2940.
[The above analysis and strategies are for reference only. Please bear the risks yourself. The article review and publication may have delays, and the strategies may not be timely. Specific operations should follow Yanling's real-time strategies.]
The content of this article is exclusively shared by senior analyst Zhou Yanling (WeChat public account: Zhou Yanling). The author has been engaged in financial market investment research for over ten years and currently mainly analyzes and guides BTC, ETH, DOT, DOGE, LTC, FIL, EOS, XRP, BCH, ETC, BSV, and other cryptocurrency contracts/spot operations. For more real-time community guidance, consultation on position recovery, and learning trading skills, you can follow the teacher's public account: Zhou Yanling to find the teacher.
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