The Great Immortal said: On November 8, Bitcoin reached a new high again, and Trump will usher in the golden age of cryptocurrency!

Trump elected as the 2024 President of the United States, not only securing the electoral college votes but also winning the popular vote, leading to a surge in the cryptocurrency market. Due to his supportive stance on cryptocurrencies, Bitcoin has continuously reached new historical highs, with the overall cryptocurrency market capitalization increasing by over $200 billion in a single day. The total trading volume of all Bitcoin spot ETFs reached $6 billion on Wednesday, setting a new high since March. Meanwhile, at 3 AM today, the Federal Reserve lowered interest rates by another 25 basis points as expected, with the loose policy encouraging Bitcoin to reach new highs today.
**　　In terms of cryptocurrencies, Bitcoin briefly consolidated downwards after reaching a new high of $76,422 yesterday, until it started a new wave of upward movement in the evening, climbing to $76,849 around 4 AM this morning, once again setting a new historical high. As of the time of writing, it has slightly retraced to around $76,108, with a 24-hour increase narrowing to 1.08%.**
**　　Bitcoin 4-hour chart**
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**　　Firstly, according to the Bollinger Bands indicator on the Bitcoin 4H chart, the price is close to the upper band and deviates significantly from the middle band, indicating that it is currently in an overbought area after a strong upward trend, which may face some adjustment pressure. If the price breaks below the middle band, it may further test the support area at the lower band.**
**　　Secondly, based on the KDJ indicator on the Bitcoin 4H chart, both the K and D values are operating at high levels, showing that Bitcoin is in an overbought state and a pullback may occur at any time. If the three KDJ lines cross downwards to form a death cross, the likelihood of a pullback will increase.**
**　　Finally, according to the MACD indicator on the Bitcoin 4H chart, the DIF and DEA lines show signs of convergence at high levels, and the MACD histogram is gradually shortening, indicating that the upward momentum in the market is weakening. If the DIF and DEA lines form a death cross at high levels, a downward trend in price may occur in the short term.**
**　　Bitcoin 1-hour chart**
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**　　Firstly, according to the Bollinger Bands indicator on the Bitcoin 1H chart, the price is located between the middle and upper bands, running close to the middle band. The upper and lower bands are gradually converging, indicating a decrease in volatility, which may lead to consolidation in this area for a period. If the price effectively breaks below the middle band, it may further approach the lower band.**
**　　Secondly, based on the KDJ indicator on the Bitcoin 1H chart, both the K and D values show overbought signals at high levels, indicating that the market is currently in an overbought state and may pull back at any time. If the K and D values cross downwards to form a death cross, the risk of a pullback will further increase.**
**　　Finally, according to the MACD indicator on the Bitcoin 1H chart, the current DIF and DEA lines are at relatively high positions, but the two lines are close together, and the MACD histogram has turned from red to green, indicating that the upward momentum is weakening. If the DIF line crosses down through the DEA line to form a death cross, it can further confirm a downward signal.**
**　　In summary, based on the Bitcoin 4H chart, Bitcoin's trend shows strong upward momentum, but due to multiple indicators indicating overbought conditions, a brief pullback may occur subsequently. Based on the Bitcoin 1H chart, the upward momentum of Bitcoin has weakened, and there is a possibility of a pullback or consolidation. In the short term, it is recommended to pay attention to whether the MACD forms a death cross, whether the KDJ overbought signal continues to decline, and the support effect of the middle band of the Bollinger Bands.**
**　　In conclusion, the following suggestions are provided for reference**
**　　Short Bitcoin near 76,600, targeting 75,600-75,100, with a stop loss at 77,000.**
**　　Time of writing: (2024-11-08, 19:15)**
**　　(Article by: Daxian Says Coin)**