Master Discusses Hot Topics:

The good news is that Nvidia's earnings report was explosive, pulling the dying cryptocurrency market back from the brink. The bad news is that a bunch of old players have started playing games again, and the October non-farm payrolls have been directly canceled. The November report has been postponed to December 16, causing Bitcoin to hit a new low last night.

On the other side, things are even more absurd. They keep shouting about wanting to replace old Powell. The current chairman's term ends in May next year, but the board member's term lasts until 2028. Whether or not to change people and when to change all depends on the mood swings of the current administration.

Back to the market, reviewing Bitcoin's decline that started on August 14 is actually not complicated at all; it's a standard joint adjustment, the classic WXY pattern. First, there was a period of platform oscillation that drained you dry, with a boring W pattern from August 14 to October 17.

Then suddenly, it bounced back, rising from 103.5K to 116K, just hitting the Fibonacci 0.618 level. You thought it was going to reverse, right? In reality, it was just a setup for a further drop.

Starting from November 11, it plummeted to today's low of 89K, forming a classic ABC zigzag pattern, with the A=C structure fully realized this morning, making the bears ecstatic.

But to put it bluntly, the sentiment has collapsed at this point. A -30% drop has been achieved; everything that should have dropped has dropped, and everything that should have exploded has exploded. A rebound is now inevitable, at least a decent pullback targeting the Y wave.

As long as there is a pullback, it must touch above 97K, with 95K acting as an initial barrier. But that area was originally a dense zone of previous consolidation, so being pressed down there is quite normal.

The real signal point is at 97.8K, and above that, there is significant resistance at 108K. Whether it can reverse later is another story; don’t daydream about it now. A reversal is always confirmed step by step, not based on wishful thinking.

The biggest problem for the bulls now is to quickly push the price back above 96K, but it's not easy. Above 94K, a bunch of short-term players are itching to short the rebound, while the main players want to continue accumulating in a controllable range without giving retail investors a chance, so don’t expect a sudden explosive rally.

Ethereum has shown a bit of life in the past few hours, bouncing from a previous low of 2880 to touch 3023. However, on the daily chart, it is still lying in a large-scale adjustment since coming down from 3166, with the rebound being weak and feeble.

The gap has been filled quite well, with the gap from 2835 to 2925 being filled down to 2872, just 37 points short. This can already be considered an explanation for the gap believers in the market, but you have to admit that the gap theory can sometimes be quite uncanny.

Yesterday, Ethereum closed above the November VAL of 3015, and 3000 now temporarily looks like a bottom. However, if it doesn’t stabilize above 3200, any rebound will be a false signal, as the market has never lacked scripts that turn around and slap you in the face.

Master Looks at Trends:

Resistance Levels Reference:

Second Resistance Level: 94500

First Resistance Level: 93200

Support Levels Reference:

First Support Level: 90400

Second Support Level: 88500

To get to the point, Bitcoin is still maintaining at the 90.4K level, which can indeed be considered a decent technical correction level. But you need to see this clearly; if it can stabilize at this low point and start to rise, it can form the embryonic shape of a counter-trend rebound.

If you want to say it forms a reversal structure, like an inverse head and shoulders? Theoretically, it’s possible, but that’s just talk. If it really forms, we can discuss it then; otherwise, it’s all empty words. The biggest problem now is that the market is making new lows every day, and the lows are still diving.

Dropping to the first support at 90.4K isn’t necessarily a bad thing; rather, it’s an opportunity to retest the structure, take a breath, and then rebound. But as long as it drops below 90K again, this level will immediately turn from support to resistance. Any rebound will be crushed above, and it wouldn’t be surprising if the market continues to make new lows.

Don’t expect to break through the second resistance at 94.5K all at once; this area is full of short positions accumulated during the previous stepwise decline. To break through 94.5K to 96K, it must first clear the 20MA and stabilize above it; otherwise, any rebound is just noise.

11.20 Master’s Wave Strategy:

Long Entry Reference: Not currently applicable

Short Entry Reference: Short in the 94000-94500 range, Target: (4-hour MA20) 92300-90400

If you truly want to learn something from a blogger, you need to keep following them, rather than making hasty conclusions after just a few market observations. This market is filled with performers; today they screenshot long positions, and tomorrow they summarize short positions, making it seem like they "always catch the tops and bottoms," but in reality, it’s all hindsight. A truly worthy blogger will have a trading logic that is consistent, coherent, and withstands scrutiny, rather than jumping in only when the market moves. Don’t be blinded by flashy data and out-of-context screenshots; long-term observation and deep understanding are necessary to discern who is a thinker and who is a dreamer!

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