Interpretation of cryptocurrency market on Nov 1 2022

The whole market saw a round of rallies due to the positive impact of BNB yesterday afternoon. Along with the adjustment of US stocks, there was a (Surge-Sideways-Plunge ) market in the evening. Up to now, the market has kept sideways, but we should focus on the market in the next two days.

Combined with the previous analysis, the probability that the market will appear favorable in the future is relatively high. After opening a long position with good risk control, even if you invest all the margin, there is no need to reduce the position for the time being. However, it is relatively early if the first wave in the bull market appears here. Therefore, from a conservative point of view, if there is a good follow-up market and it rises rapidly, it can be appropriate to reduce part of the position after the rapid rise but keep half or even more long positions to follow the trend. The previous sideways movement also shows that the market is not much risky at this price. In the final stage of the bear market and the first wave of the bull market, for the large capital in the market, collecting chips is the most important. Especially now that the value of crypto assets such as Bitcoin has been more widely recognized, blindly dipping the market may attract more funds grabbing chips. In contrast, it is more suitable for the current environment after a pull-up (cleaning the market) or continuous sideways.