On Saturday, November 22nd, the market is bearish on Bitcoin, resulting in a gain of 16,712 points.
There is no need to be entangled in the confusion of the present, nor to be anxious about the unknown future. Every step you take counts; those seemingly useless accumulations will eventually help you overcome difficulties and seize good fortune at some point. Have a great weekend, everyone! I am Du Jingsheng, a professional analyst here to safeguard your positions!
As the market continues to weaken, BTC's price has hit a new low this week, currently dropping back to the 80,600 line. This week, Jingsheng has maintained a bearish outlook from 95,500 down to 84,000, with the price declining to the 80,600 area, leading to an overall gain of 15,000 points in the bearish strategy. This week’s actual trading layout has also consistently adopted a bearish approach. Overall, Bitcoin gained 16,700 points, and Ethereum also saw some gains, which I won’t elaborate on further.
History often writes similar stories. The four-year cyclical bull market will come to an end in this round of declines. After reaching a high of 69,000 in 2021, the market underwent a two-year bear market before starting to rise again. This year, after hitting a new high of 126,000, it has already seen a drop of 46,000 points, breaking through the previous upward trend structure and forming a clear continuation of the bearish trend.
From the current weekly K-line perspective, the market's decline has broken the previous strong structure, with consecutive bearish candlesticks breaking the upward trend structure. K-line volume is sufficient, and there are no significant rebounds. After hitting the historical high, it has been on a downward trend, with only one bullish candlestick correction appearing, which was eventually engulfed by bearish candlesticks, leading to a continuation and a clear termination of the upward trend; the trend has turned bearish. Therefore, even if there are rebounds in a weak structure, they will not be significant. The drop of 46,000 points clearly belongs to a deep correction, so deep corrections are not strong, and strong trends will not correct deeply. In a predominantly bearish structure, participation should just follow the trend!
Next week, my personal view for BTC is to focus on setting long-term bearish positions around 85,500-87,000, with the target looking at the previous low of 75,000. If it breaks through, continue to look down to the 70,000 area.
There are no mountains that cannot be climbed, only those who cannot find the way. Holding positions is like two people pulling a rubber band; the one who is hurt is always the one who is unwilling to let go. There will always be rough patches and moments of haze on the road. Do not be resentful of past missed opportunities, and there is no need to sigh over distant scenery. $BTC
