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Article review takes time, and there may be delays in publication. The article is for reference only, and you are welcome to read!
Article writing time: December 2, 13:57 Beijing time
Market Information
- Reports say Kevin Hassett is close to becoming the next Federal Reserve Chairman;
- The Federal Reserve: officially ends the quantitative tightening policy;
- Experts say stablecoins have not been identified as prohibited items in the criminal law sense;
- Trump will meet with Federal Reserve Chairman candidates this week, possibly announcing a nomination before Christmas;
- The cryptocurrency market has plummeted, with Bitcoin falling below $84,000, and nearly $1 billion liquidated in 24 hours;
Market Review
After the previous decline, we mentioned that the market had reached a major bottom and would rebound, peaking at 93,081. Subsequently, there was a rapid decline yesterday, with the current low at 83,777. Ethereum rebounded to 3,099, and the low yesterday was at 2,718. Don't panic during the decline; it's a normal correction, and a correction is an opportunity to go long.
Market Analysis
BTC:
From the daily chart, yesterday's decline was somewhat influenced by the Asian market, with increased domestic regulatory pressure and Japan's interest rate cut, etc. The market rebounded to short-term resistance but failed to surge rapidly, leading to a downward correction. The correction was a bit quick but did not break down. Long-term holders of long positions need not worry and can continue to hold. Short-term traders can buy to go long. On the daily chart, Bitcoin encountered the first layer of resistance around 31,400 during the rebound. After reaching this point, the daily candle closed bearish with an upper shadow, which is basically a signal for a correction. Personally, I have positioned for a short, and everyone is welcome to verify. The strength of the correction only tested the 4-hour support around 83,300 before closing with a lower shadow. There is still room for a short-term rebound, expected to reach the range of 89,500-91,000. Those who have not positioned for long can do so around 86,500; aggressive traders can enter directly, with a stop loss at 85,000. The target is the 89,500-91,000 range. If the daily chart breaks and stabilizes above 91,300, we can chase the trend based on market movements. If it stabilizes at 91,300, the next target will be around 98,000. Seize the opportunity to enter; for short-term trading, control risks and manage your own profits and losses.
ETH:
From the daily chart, Ethereum's movement is quite similar to Bitcoin's. Yesterday's decline once again tested the short-term support around 2,750 before closing with a pin bar. Currently, the movement has not broken down. Long-term holders of long positions need not panic and can continue to hold. For short-term trading, long positions can be arranged around 2,760; aggressive traders can enter directly, with a stop loss at 2,660. The target is 2,950-3,010. After reaching this point, pay attention to whether it can effectively break through 3,170. If it breaks through, we can chase the trend. Based on market movements, seize the opportunity to enter; for short-term trading, control risks and manage your own profits and losses.
In summary:
Bitcoin and Ethereum provide opportunities to chase the trend during corrections.
The article is time-sensitive; be aware of risks. The above is only personal advice and for reference!
Follow the WeChat public account "Crypto Lao Zhao" to discuss the market together;
In the cryptocurrency world, some people's demands can only be met by scammers. Everything cheap must be taken advantage of by oneself, and only scammers can satisfy these.
Trading is not always smooth; not every trade goes as planned. That is just noise in the pursuit of profit. Compared to seeking technical breakthroughs, I focus more on psychological development. Most people do not fail against others but against the self that confines them in a room. Even if life or trading is unsatisfactory, believe that there is light in the world and love among people. Even a small piece of happiness in life should be embraced with a smile. Only by overcoming oneself can the future market bring unexpected surprises! Keep it up, cryptocurrency community.
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