Preface: Investment involves risks, and operations should be cautious.
Article review takes time, and there may be delays in publication. The article is for reference only, welcome to read!
Article writing time: November 28, 14:46 Beijing time
Market Information
- Over $103 million has flowed into the U.S. spot BTC ETF market;
- Hong Kong plans to provide tax relief for hedge funds and ultra-wealthy family offices on cryptocurrency;
- Russia has approved a cryptocurrency tax law, classifying digital currencies as property and exempting mining businesses from value-added tax;
- VanEck CEO: The shift in U.S. policy brings strong momentum to the crypto market, predicting Bitcoin will reach $400,000;
- U.S. Senator Ted Cruz stated that he hopes "Texas will become the center of Bitcoin and cryptocurrency";
Market Review
When the market fell the day before yesterday, I reminded everyone not to panic during the decline; a drop is an opportunity for us to go long. The low point of this drop for Bitcoin was at 90825, which did not break the support at 88700. The long position at 92000 was supplemented at a lower price, with the highest surge reaching 97200, easily earning 5000 points. The surge in Bitcoin is still ongoing; after a slight pullback during the day today, it will continue to rise. There is a great chance this time to break 100,000. Those who follow my strategy can manage their profits accordingly. Ethereum also saw a rise yesterday, and this surge in Ethereum was quite strong, directly breaking the 3570 level, with the current highest point at 3686. The long position around 3330 the day before yesterday has gained over 200 points by reaching 3570, and those who held through the breakout have even more. Currently, Ethereum has broken out, and the market will also see a new surge; the upward trend continues, so pay attention to your holdings.
Market Analysis
BTC:
From the daily chart, after the drop, Bitcoin closed with a large bullish candle, breaking through the previous bearish candle. The market is in a bullish trend. The declines on Monday and Tuesday were necessary to establish a low point for support after refreshing the weekly high. The low point has now been established, and Bitcoin is expected to slowly push higher in the coming days of this week. It may not rise as quickly as before, but the final price should approach 100,000, or it may establish a new high before starting a pullback. Those who went long around 92000 can reduce their positions and use a trailing stop to continue holding. For those who are currently out of the market, there is also an opportunity to enter, but position control is essential, leaving a few chances for additional purchases. The target remains to see above 100,000; manage your entry accordingly. For short-term trading, control risks and manage your own profits and losses.
ETH:
From the daily chart, Ethereum's recent surge directly broke through the upper pressure. Generally, a breakthrough of pressure and support requires such a large bullish candle to be considered an effective breakout. The previous position did not break during the rebound process, leading to a decline. Now that it has broken through, the pressure has turned into support, and we need to pay attention to the breakout situation at 3978 in the future. Those who exited around 3330 can re-enter around the support at 3570. For those who did not exit, reduce positions and use a trailing stop to continue holding, targeting the breakout at 3978. Manage your entry opportunities accordingly; for short-term trading, control risks and manage your own profits and losses.
In summary:
Bitcoin and Ethereum remain strong in their bullish trends and will continue to rise;
The article is time-sensitive, be aware of risks, and the above is only personal advice for reference!
Follow the WeChat public account "Crypto Lao Zhao" to discuss the market together;
All suffering stems from the pursuit of certainty. Impermanence is the norm and the way life should be. Always wanting to grasp the market, not acting on a 50% certainty, not acting on a 70% certainty, must wait for a 100% certainty—where is there a 100% certainty in the market? Trading is about trading risks, trying to make the odds stand on your side. Those who give love receive love in return; those who bring blessings receive blessings. Sometimes, learn to take a little loss, be a bit foolish, a bit silly. For example, if the market is bullish, once this is confirmed, don’t get too stuck on the position, lower your position a bit, and then get in first; if it reverses, so be it.
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