[About BTC/ETH Spot ETF Related Reports]
Yiannis Giokas, Senior Director of Moody's Analytics, stated that the primary driving force behind the recent surge in Bitcoin prices may be the increasing number of applications for Bitcoin spot ETFs, which are expected to be approved by the SEC in January next year.
Former SEC official and Bitcoin critic John Reed Stark stated that the view that "there is a 90% chance that the SEC will approve a Bitcoin spot ETF" is absurd. Numerous ongoing non-public investigations and litigation cases indicate that the approval of a Bitcoin spot ETF would pose a serious threat to investors.
The U.S. Securities and Exchange Commission (SEC) has postponed the decision on Grayscale's application to convert its Ethereum Trust into an Ethereum spot ETF, extending the decision deadline for the proposed fund by 45 days to January 25, 2024.
Brian Armstrong, CEO of Coinbase, stated that Bitcoin may be the key to expanding Western civilization, and fiat currency will continue to inflate until it loses its advantage as a currency.
[BTC Today's Analysis]
On the daily chart, from the perspective of moving averages, BTC has not fallen below the 30-day moving average since our entry at 27,200, and has finally seen an accelerated upward trend with the recent golden cross of short-term moving averages.
The MACD has also completed its indicator recovery, forming a golden cross resonance with the moving averages after returning to the zero axis. The daily chart still shows a strong trend.
BTC recently surged to 44,488U, just a step away from 48,000 US dollars. Since breaking through the upper boundary of the uptrend channel at 38,000 US dollars, Bitcoin has once again started a new uptrend, which also appears to be a three-wave pattern from a wave perspective.
Hourly, we need to pay attention to the stabilization of support around 43,600U for Bitcoin. If it falls below, there will be further downward movement. If it stabilizes and rises above 44,000, there may be a new trend. Since December 1, the lifeline of Bitcoin on the hourly chart has been its trend line.
After the start at 27,200, on October 23, we adjusted the targets based on the actual trend of Bitcoin as follows: 32000-35000-48000 points. Currently, it has reached around 45,000 points, and after breaking through 38,000 points, it has started a new wave trend (3 waves). The MACD indicator on the daily chart has completed its recovery. I believe the bulls will continue to maintain a strong trend until reaching the expected targets of 48,000 and the upper boundary of the channel around 51,000.
[BTC Breaks Through Again After 4 Years]
On the monthly chart, BTC closed at 37,700U in November, and the upward trend is undeniable. There is no need to imagine a return to below 30,000 points again, at least not for now.
Bitcoin's monthly chart shows a single positive line crossing three, and the moving average system presents a bullish alignment. The MACD line is gradually starting to cross above the zero axis, and the KDJ is turning upwards again. These technical indicators once again confirm the view that Bitcoin's trend has reached the early stage of a bull market.
Looking back at Bitcoin's price movements over the past decade can provide some insight into future price trends. In November 2015, Bitcoin's price crossed above the 30-month moving average, and since then, it has not fallen below this level, rising along the 5-month moving average to the peak of 20,000 points in 2017. At that time, Bitcoin rose from 400 points to 20,000 points, a 50-fold increase.
In April 2019, Bitcoin also saw a similar crossing of the three and the 30-month moving average, and the price rose from 4,000 points to 69,000 points over the course of 2 years, an 11-fold increase.
After 4 years, Bitcoin has once again seen a single positive line crossing three on the monthly chart, indicating that Bitcoin is now in the early stages of a bull market, and a truly early stage at that.
[ETH Trend Analysis]
On the daily chart, after multiple retracements to the 30-day moving average, ETH has started to strengthen again, showing an overall converging triangle pattern. ETH has chosen to break through the upper boundary and has reached a new high of 2300U this year, with the next target at 2450.
During the day, we need to pay attention to whether ETH can reclaim 2260U, which is crucial. The candlesticks from yesterday and the day before showed a bearish pattern, so close attention is needed, with the next support at 2190U.
On the weekly chart, ETH's moving averages have confirmed the formation of a golden triangle pattern, signaling a strong upward trend. Last week, it completed the retracement task at 1880U, and it is highly likely to continue breaking new highs this week.
On the monthly chart, December to January next year is very likely to be a period where ETH leads the way. The moving average system has also presented a bullish alignment, and the MACD indicator has started to cross above the zero axis after the golden cross, while the KDJ is also in a golden cross pattern. These are all strong price performances for ETH on the monthly chart. For those who entered ETH at 1626U earlier, the only risk is that you may not be able to hold on.
[ORDI Trend Analysis]
ORDI, as a leading token in the Bitcoin ecosystem, has achieved a return of over 1,759.20% from the entry cost of 3.75, reaching a high of 69.72U.
Yesterday's candlestick formed a medium-sized Yin line with relatively long upper and lower shadows, indicating signs of main players selling off. It may be considered to reduce holdings again in the 55-60U range.
With a total supply of 21 million tokens, there is currently no sign of the uptrend stopping. The inscription track is leading Bitcoin into the deep blue.
[BIGTIME Trend Analysis]
As a leading token in the blockchain game, Bigtime has achieved a 518% increase from the entry near 0.17U, reaching a historic high of 0.99U.
On the daily chart, yesterday's candlestick formed a medium-sized Yin line, and the closing price was below the midpoint of the solid body of the previous day's Yang line, which can be understood as an evening star. It is advisable to take profit or reduce holdings at the rebound of 0.70-0.65.
[Quotes from Jiu Ge]
The language of candlesticks is a result, and everything we know or don't know, everything that is happening or will happen, will be reflected in the language of candlesticks.
The best reason for an uptrend is the uptrend itself, and the best reason for a downtrend is the downtrend itself. Once a trend is formed, it will not easily change. You just need to follow the trend, ignore all external news, focus on the language of candlesticks, and focus on the trading system. Everything else is just a distraction.
Once a trend is formed, the only risk is not being able to hold on.
History may not repeat itself, but it will certainly rhyme, with different versions, different characters, and different stories.
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