Zhou Yanling: Is the Bitcoin crash on December 20 a sign of no hope for recovery? It's too early to say! Just wait for the bull market to cycle back!
Is there no hope for Bitcoin to rise anymore? I see many people saying this, but Yanling feels that it's a bit premature to say so. This is not only because of the interest rate decision; regardless of whether it cuts rates or not, it won't change the weak performance of the coin price in the short term. What does weak mean? From a technical perspective, everyone can take a look at the decline curve over the past two days. There's no need to elaborate on the peak of this decline; there is definitely pressure around the 110,000 mark, which will lead to a pullback. This is manageable and basically within our expectations.
Perhaps you were previously struggling with whether the coin price was in a double top decline or a flat top triangle, but since the price has broken below the lower line of the flat top triangle in the past two days, we are left with only the double top option. The key levels to watch below are 94,000 and 90,000. Besides that, there are no particularly obvious technical supports hindering the coin price in the short term. Therefore, this wave of pullback can end here at most. If you compare it to the daily charts of the past two years, this pullback is nothing compared to the significant rises over the last two years. How can it be said that the bull market is over?! So, don’t panic; the bull market is still here, it just needs some appropriate periodic adjustments. I say this every day, and I’m almost tired of saying it, but I still want to reassure you. From a long-term perspective, we will definitely continue to see a bullish trend in coin prices. You just need to endure the loneliness to enjoy the prosperity that follows. However, the recent market fluctuations are quite large, so it’s essential to manage risks properly.
Additionally, the matter of the Federal Reserve cutting rates can be put on hold for now. Don’t focus on what the Federal Reserve says; pay attention to the market's direction. Regardless of how the interest rate decision goes, as long as the market's selling sentiment flashes, it will be over quickly. Moreover, hasn’t the second wave of decline on the hourly chart already arrived? Moving forward, we only need to focus on the levels of 94,000 and 90,000 that Yanling mentioned. As long as these levels hold and do not break down, it won’t be long before we see a cyclical bottoming action again, which will present another excellent opportunity for long positions.
Zhou Yanling's Bitcoin Trading Strategy for December 20:
Buy at 94,200-95,000, reserving space to add positions around 91,000, with a stop loss of 800 points, targeting 99,000-100,000, and if it continues to break upwards, look towards 102,800.
Sell at 100,000-99,200, with a stop loss above 100,900, targeting 97,000-96,000, and if it continues to decline, look towards 94,000.
Zhou Yanling's Ethereum Trading Strategy for December 20:
Sell at 3,560-3,500, with a stop loss above 3,600, targeting around 3,260, and if it continues to break down, look towards around 3,020.
Buy at 3,250-3,300, reserving space to add positions around 3,040, with a stop loss of 45 points, targeting around 3,550, and if it continues to rise, look towards around 3,720.
【The above analysis and strategies are for reference only. Please bear the risks yourself. The article's review and publication may have delays, and the strategies may not be timely. Specific operations should follow Yanling's real-time strategies.】
The content of this article is exclusively shared by senior analyst Zhou Yanling (WeChat public account: Zhou Yanling). The author has been engaged in financial market investment research for over ten years and currently mainly analyzes and guides BTC, ETH, DOT, DOGE, LTC, FIL, EOS, XRP, BCH, ETC, BSV, and other cryptocurrency contracts/spot operations. For more real-time community guidance, consultation on position recovery, and learning trading skills, you can follow the teacher's public account: Zhou Yanling to find the teacher.
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