Market Sentiment
Chart Structure:
Bitcoin:
The structure of Bitcoin's 1-hour chart is similar to the expected trend. It is clear to see that Bitcoin has broken through the central range. It has been emphasized in the past few days that there are signs of a deteriorating trend in Bitcoin, and attention should be paid to the risk. Now, as expected, it has emerged. The current focus is still on whether the position at 40,000 USD can hold. If it cannot hold, it is very likely to continue to search for support below. The dense trading area below is in the range of 38,000 USD to 35,000 USD. The current adjustment is estimated to be a daily-level decline. If there is a deep adjustment now, it may mean that the approval of the ETF next year could continue to bring about an increase. Otherwise, if the adjustment here is shallow, it can only indicate that the approval of the ETF next year may be a favorable situation. So, the overall risk depends on how this adjustment turns out.
The structure of Bitcoin's 15-minute chart shows a bullish divergence, but the effect of this divergence is only average due to a long period of MACD. Currently, it has only rebounded from the first 15-minute rise. If the subsequent second 15-minute pullback does not fall below the previous low, there may be a third 15-minute rise, but 42,000 USD has become an important resistance. So, it is probably difficult to surpass 42,000 USD in the short term. For medium-term traders, patience is still needed.
Altcoin:
The structure of the 1-hour chart for altcoins shows that it is relatively stronger in the short term compared to Bitcoin. At the same time, it is leading many other altcoins, showing slightly more strength. It can only be said that today is likely to be a day of rebound, but whether it can continue to rebound after some time is quite doubtful. Tonight, there is also a CPI report to consider. Currently, it is probably difficult for altcoins to surpass the yellow resistance line during the rebound.
Trading Strategy:
Specific trading points and logical explanations will be released in the group in the form of videos.
The market changes too quickly, and many things cannot be reminded in time. It is impossible to explain the market clearly in the changing situation, so you can follow my public account.
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