Date: November 12, 2024

Long positions are accelerating the pump, and the market is gradually reaching its peak. Chasing the market at the moment is not advisable, it is better to wait for the market to adjust.

Daily candlestick level: Yesterday's daily candlestick accelerated pump and reached around 90000, already at the Fibonacci 2.618 position. Today's market just experienced a short-term rapid decline, possibly triggered by news. From this perspective, the previous strong long positions sentiment and strong market data pump without significant pullback, it is difficult to rule out the possibility that institutions will use news to dump the market in the later stage, so it is not recommended to chase rising prices here. The CCI indicator is starting to form a top pattern. If the rebound does not break the new high of 90000, the top structure may be established, and the short-term market will peak. The support below is located around the Fibonacci 1.618 position (near 81700).

4-hour level: A top structure has appeared on the 4-hour level, with the CCI indicator showing a "M-top" and the MACD also showing a death cross expectation, indicating that the market may be about to peak in the short term. If you want to Build a Position in long orders, you can consider laying out in batches at the lower support level. There is also support near the EMA15 position (around 83500).

Basic Edition
Currency: BTC
Date: November 12, 2024

Technical Analysis：
Indicators: Fibonacci+CCI+MACD
Conclusion: The short-term market is about to peak, and it is not recommended to chase rising prices at high levels.
resistance level: near 90000
support level: ①near 81700
Near 83,500
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