The crypto market continues its recovery, with BTC returning to $93,000 and approaching the 30-day moving average of $94,000. ETH has also recovered to $3,000, and UNI has returned to $6. The only decline is in USDT, which has fallen below $7. If this Double Botto is successfully formed, a huge market move is definitely on the horizon.
BTC
From the 4-hour chart, Bitcoin has formed a W-bottom pattern, but the price has consistently failed to break through the neckline, and the rebounds have been repeatedly suppressed by the Vegas Channel, indicating that although there is support, there is a lack of upward momentum, and a trend reversal has not yet occurred. Meanwhile, the 1-hour chart shows a MACD bearish divergence; the price has made new highs, but the momentum bars are clearly weakening, and multiple death cross have formed, which are clear short-term topping signals that warrant caution.
The current three trading strategies are all based on waiting for a pullback and never chasing highs!
1. Buy on long: Wait for the price to fall to the key support zone of 88000-89000 and 84000-86000 before entering the market. If a bottoming signal appears after the pullback (hammer candlestick, engulfing pattern, bullish divergence in indicators), then consider entering a long position with a small position size.
2. Long after a breakout: Even if it breaks through 98,000, don't blindly chase it. Wait for a pullback after the breakout to confirm the support around 98,000. Only after it stabilizes above that level should you go long. This will reduce the risk of a false breakout.
3. Light short position attempt: A light short position can be attempted near the neckline, but this is not an ideal entry point. Although the structure is weak, a rebound is possible at any time, so strict stop-loss orders and position size control are essential to avoid triggering stop-loss orders due to sudden price increases.
ETH
Ethereum's recent rebound has been significantly stronger than Bitcoin's, with BTC rising 1% and ETH rising 5%. There are three main reasons behind this:
1. ETH fell more sharply in the early stages, retracing 46% from its high, while BTC retraced 35%, leaving more room for a rebound;
2. The Ethereum Fusaka upgrade is scheduled to launch on December 3rd, and Layer 2 transaction fees are expected to decrease significantly by 89%.
3. Funds have begun to flow back into the ETH ETF, with a net inflow of $180 million on December 1, reversing the outflow of $1.64 billion in the previous month. The total institutional holdings have now exceeded $13 billion.
It is clear that technological upgrades have attracted institutional attention, and the demand for a rebound after a sharp drop has jointly driven the strong performance of ETH in this round.
From the daily chart, Ethereum has broken through the neckline of the W-bottom pattern and stabilized at a key stop-loss swap position, forming a clear strong reversal signal. Simultaneously, the downtrend line has also been broken, conforming to the ABC and 1-2-3 reversal rules, indicating that the overall trend has turned upward.
In the short term, two pullback buying opportunities are worth noting:
Around 3100 (previous structural support), and the 2900-3000 range (the confluence of the 0.382-0.5 Fibonacci retracement and gap). If the price first breaks upwards through the parallel top and then shows a false breakout, consider short in the short term, and then going long after it pulls back to the aforementioned range.
Copycat
Now is the time to cherish the market; confidence is more valuable than gold! Wait patiently, and when the opportunity comes, go all in! Don't be afraid to lose! When a true bear market arrives, making money will be harder than eating shit! The market is the most counterintuitive thing; the quieter and more monotonous the times, the more sensitive you need to be! At the same time, pay close attention to the blockchain. After Blockchain Week, BSC will likely release another super large MC memecoin; customer service representative Xiao He keeps pulling at it.
$BNB
NB has returned above 920, and I believe it's only a matter of time before it reaches a new high. Today, pay close attention to the 909 level. As long as it holds above this level after a pullback, the bulls are strong, and I remain bullish. The resistance levels are 928-939-950. If it breaks below 909, the 1-hour chart will turn into a pullback, with support levels at 892-874-857.
$ZEC、$ASTER
My decision to switch from ZEC to ASTER a few days ago was a good one, because ZEC's trend was really weak, the sell signals were obvious, and my short positions were profitable. Although ASTER's performance was also mediocre at the time, it had the "ZEC iron bottom" support, and the price was pulled back every time it briefly broke through, making it relatively more resistant to declines. You just need to be patient!
$WM
Now that WM is tax-free, its price is steadily rising. It seems like Old Bu brought WM to Dubai this time as well; the popularity of memes on BSC has clearly rebounded. Let's see if we can ride this wave to achieve a major breakthrough.
$KAS
Yesterday I was telling my friend that I was waiting for a pullback in KAS to build a position, but the price didn't wait for me; it just stopped moving back. I watched it for a long time and it didn't seem to be moving back at all.
$SOL
This wave of SOL's slow and steady rise has been consolidating around 140-145 for some time, providing multiple entry opportunities. Only SOL has allowed for a relatively large position, with some profits taken, followed by buying back in when prices drop, aiming for a move towards 150.
$VOXEL
I glanced at the top gainers list today, and the top spots were all delisted coins (or coins about to be delisted). I feel like there's a big player manipulating the futures market for VOXEL, so I'm planning to open a small position in it.
$RED
RED has formed a Double Botto pattern on the weekly chart. We'll observe it further, and if it can hold steady, we'll prepare to buy in.
On-chain
Binance Sprout
Wait for a better opportunity at the secondary market before taking action. On the blockchain, this $BinanceBuds$ stock is worth considering. Its current market capitalization is around 450,000. The concept is the name of Binance Education's new app, which could be the next Giggle. So let's wait for CZ and the top influencer to give it a boost.
rhubarb
This is a meme that the top female CEO likes to post. It's currently worth around 580,000 yuan. It's worth investing in. The top female CEO has just taken over, and if she posts this big yellow meme again, it might cause a surge in her stock price.
Opportunities are fleeting, thank you for your attention!
Every sharp drop is followed by a period of great potential. Those who are unsure about future market strategies can follow Potato (or similar product/service): TDTB07
