Preface: Investment involves risks, please proceed with caution.
Article review takes time and may be delayed. The article is for reference only, welcome to read!
Time of writing: 15:08, December 4th, Beijing time
Market Information
- BTC broke through $41,000, reaching a new high since April 2022;
- Reuters: Bitcoin has emerged from the "crypto winter" slump following scandals such as FTX's collapse;
- Coinbase CEO: Fiat and cryptocurrency will coexist in the long term;
- Swan Bitcoin CEO: The time window for spot Bitcoin ETF has narrowed to January 8th, 9th, or 10th;
- Hong Kong SFC: Investment in virtual assets should be made through licensed trading platforms;
Market Review
Last Friday, we indicated that the market was dominated by long positions. Our strategy was to hold on to BTC at $38,300 and look for an increase to $39,500. Long positions were successful, while a small loss was incurred for short positions in Ethereum. After stabilizing at $2,100, we also profited from the increase to around $2,215. Excluding the stop loss for short positions, we made a profit overall. We anticipated the rise, but did not expect it to be this significant. BTC reached a high of $41,792, and Ethereum reached a high of $2,267. Currently, there are no signs of a pullback in the trend. Is the bull market back?
Market Analysis
BTC:
Looking at the weekly chart, BTC has basically not experienced a pullback in this wave, rebounding from $24,258 to the current high of $41,778. The non-pullback rise has a bit of a bullish flavor. In addition, the approval of spot ETFs in January is another positive for the market. BTC may welcome another round of uptrend. Currently, it is not suitable to go short on BTC, as there are no signals for short positions in both short-term and long-term perspectives. There are also no bearish news in the market. The market sentiment is currently strongly bullish. The weekly level resistance is around $41,200. As long as the price does not break through $48,200, there is still an opportunity for short positions. If the price is pushed above $48,200, the next resistance will be around $57,700. Currently, the price is oscillating around $41,200. After the uptrend, it is possible to see a pullback with upper shadow. In the future, pay attention to the situation after breaking through $48,200. For now, it's better not to go short. Without breaking through $48,200, wait for a long upper shadow on the daily level before entering a short position. If you want to chase the rise, you can enter with a small position and take profit when it's favorable. Manage the risk for short-term trading, and take responsibility for gains and losses.
ETH:
Looking at the weekly chart, Ethereum's trend is slightly weaker. Although it did not reach the same height as BTC, it did not show any signs of decline after reaching the short-term resistance of $2,230. This rebound broke the previous high of $2,146, indicating a strong bullish trend. With the short-term resistance of $2,230 not holding, Ethereum is likely to continue to rebound in the future. The rebound target will be around $2,550. In the future, Ethereum may go for a fill-up while BTC remains stable, rising to around $2,550, and then the market may start a pullback. Based on the current market rhythm, Ethereum's uptrend should be close to its peak. In the future, it may be a good opportunity to go short after reaching $2,550, with $2,230 serving as support. Manage the entry opportunity well. Manage the risk for short-term trading, and take responsibility for gains and losses.
In summary:
The market is currently dominated by bullish sentiment. It is cautious to go long on BTC's non-reversing uptrend, while Ethereum still needs to fill up and can be chased for an increase.
The article is time-sensitive. Pay attention to the risks. The above is only personal advice and is for reference only!
"I'm trapped, I'm going to be liquidated, I'm losing so much…" Every time a one-way trend appears, you always hear such voices.
As the saying goes: A crying child gets milk. The key is, I'm not a "wet nurse," and I don't have a remote control to make the market, which is not as you wish, make a 180-degree turn.
There are "freeloaders" everywhere, hoping for someone to lead the way in business, and hoping to break even in trading. There is no such thing as position management, because in the concept of being a "leek," position management is not necessary. The thought is: I'm going all in. Basically, trading relies on instinctive reactions. I don't know if the money comes from a strong wind, but if this continues, it will definitely be blown away by a strong wind.
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