[Today's Focus]
1. The total market value of cryptocurrencies has surpassed $1.602 trillion, reaching a new high for the year. Bitcoin holds approximately 50% of the market share, while ETH holds about 16.7%. Currently, the market value of BTC is around $800.4 billion, surpassing Berkshire Hathaway and ranking 10th in global asset market value.
2. The total locked value of Layer2 networks has risen to $15.04 billion, reaching a historical high with a 3% increase in the past 7 days. Among them, ArbtrumOne has the highest locked value, reaching a historical high of $8.06 billion with a 3.22% increase in the past 7 days. OP Mainnet ranks second, reaching $4 billion with a 1.48% increase in the past 7 days, and Base ranks third, rising to $626 million with a 4.9% increase in the past 7 days.
[BTC Daily Analysis]
On the daily chart, on December 1st, BTC broke through $38,000 and stabilized above it. To some extent, the price of Bitcoin is forming an ascending triangle pattern, with $38,000 as the upper boundary of the triangle. The price has been moving along the 5-day moving average, reaching a high of $42,420.
From the perspective of moving averages, since the entry at $27,200, BTC has not fallen below the 30-day moving average and has experienced a short-term moving average golden cross, accelerating the upward trend.
The MACD indicator has also undergone a correction and formed a golden cross with the moving average after returning to the zero axis.
Next, the price of Bitcoin is expected to continue to target $42,800, $45,800, and $48,500. Yesterday's highest point of $42,420 basically reached the above target levels.
From the perspective of yesterday's long bullish candlestick, the intraday support for Bitcoin is at $41,200. This level may form a double top pattern on the hourly chart, and only breaking below this level can confirm the formation of a double top, with the next support level at $40,600.
If $41,200 provides effective support, Bitcoin will once again target $42,800 and even open up further upside potential.
[BTC Phase Target Adjustment Recommendation]
After the entry at $27,200, we have adjusted the targets based on the actual trend of Bitcoin as follows: $32,000-$35,000-$48,000. The $35,000 level has already been reached, and the $36,000 level has also been surpassed. The current pullback after the breakthrough is a necessary adjustment for the bullish trend on the daily chart.
[Trend Analysis: BTC Breaks Through Again After 4 Years]
On the monthly chart, BTC closed at $37,700 in November, and the upward trend is undeniable. There is no need to imagine a return to below $30,000, at least not at the moment.
The monthly chart shows a single candlestick breaking through the three moving averages, 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 that the trend of Bitcoin has arrived, and it is now in the early stage of a bull market.
Looking back at the price trend of Bitcoin over the past decade, it has a certain predictive effect on future price trends. In November 2015, Bitcoin's price broke through the 30-month moving average and never fell below it again, rallying along the 5-month moving average to the peak of 20,000 points in 2017, representing a 50-fold increase from 400 points.
In April 2019, Bitcoin also broke through the three moving averages, and the price rallied from 4,000 points to 69,000 points over two years, representing an 11-fold increase.
After 4 years, Bitcoin has once again seen a single candlestick breaking through the three moving averages on the monthly chart, indicating that it is in the early stage of a bull market, and a true 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. Overall, ETH is in a converging triangle pattern and has chosen to break through the upper boundary.
Yesterday, it encountered resistance and began to fall back when it reached $2,260, which is also the uptrend line. Once it breaks through, it will open up further upside potential for ETH, with the next target at $2,450.
The MACD forming another golden cross near the zero axis is the best logic for continued upward movement. Patience is required to hold ETH.
On the weekly chart, ETH's moving averages have confirmed the formation of a golden triangle pattern, indicating a strong upward trend signal. It completed the retracement task at $1,880 last week, and it is highly likely to continue to reach new highs this week.
On the monthly chart, December to January next year is very likely to be led by ETH. The moving average system has also formed a bullish alignment, and the MACD indicator has started to cross above the zero axis after the golden cross. 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 $1,626 earlier, the only risk is not being able to hold on.
[ORDI Trend Analysis]
ORDI, as a leading token in the Bitcoin ecosystem, has yielded over 10 times the profit since entering at $3.75, reaching a new high of $54.63 yesterday, with a maximum profit rate of 1350%. With a total supply of 21 million, there is currently no sign of stopping the upward trend. It is advisable to hold patiently.
[BIGTIME Trend Analysis]
As a leading token in blockchain games, Bigtime was entered near $0.17 and reached a high price of $0.9450 yesterday, with a maximum profit rate of 480%. It is recommended to continue holding the remaining position after taking profit on half.
[Quotes from Jiu Ge]
Candlestick patterns are a reflection of the results, whether we know them or not, whether they are happening or will happen in the future, they will be reflected in the candlestick patterns.
The best reason for an uptrend is the uptrend itself, and the best reason for a downtrend is the downtrend itself.
Trends once formed will not easily change. We only need to follow the trend, ignore all external news, focus on candlestick patterns, and focus on the trading system. Everything else is just a distraction.
- When the trend comes, we should not fear highs, especially after breaking historical highs. We should dare to hold on.
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