🖊Yesterday's Review: Yesterday we experienced a 'Black Friday' at the beginning of December, and many traders faced significant liquidations. After a natural rebound lasting 9 days, everything dropped in just an hour. I must say, the decline was quite smooth; unfortunately, I couldn't increase my long-term short position. After waiting for so many days, I didn't expect the market manipulators to launch an unexpected attack! Many people say the decline was due to news factors, but technically speaking, the rebound has always been weak, merely a performance to accompany the harvesting act.
👉Intraday Market:
✅BTC's monthly chart closed with a long lower shadow bearish candle, and the trading volume did not reach the average level; on the weekly chart, it closed with a shrinking volume and a long upper shadow bullish candle. The daily chart shows a volume-increasing bearish candle, almost falling back to the starting point of the natural rebound, indicating that the natural rebound has ended. Currently, we are undergoing a second test. From the current trend, the downward process may be challenging to participate in trading, and I do not recommend counter-trend trading, focusing mainly on high shorts. Whether the market can break new lows still needs to be verified, but this wave of decline is expected to be hesitant compared to the beginning of November and will not go straight down; the process should also involve repeated fluctuations. Therefore, for those who did not open short positions at high levels, I suggest focusing on intraday trading. Pay attention to the support level at 85600 and the first resistance level at 87600.
✅The trend of ETH is in sync with BTC, but yesterday's decline was stronger for ETH. I've been waiting for ETH to catch up in decline, but it has been delayed. I must admit that this round of ETH has been quite resilient, whereas BTC has been leading the decline, possibly indicating that the bubble has become too large and needs some appropriate stimulation. The current decline is for higher gains in the future. The trading strategy is similarly focused on high shorts, with an emphasis on intraday trading. For intraday, pay attention to the support level at 2720 and the first resistance level at 2830.
✅Trading Suggestions: Focus mainly on short positions! Long positions are given, but it's up to you to decide whether to take them; I hope you trade with your own thinking and not just copy others' work! BTC: Long Position: Enter long near 85600 if it doesn’t break below, target: 88888, stop loss: below 85000; Short Position: Open short if it can't break 87600, target: 85600, stop loss: above 88000. ETH: Long Position: Enter long near 2720 if it doesn’t break below, target: 2830, stop loss: below 2700; Short Position: Open short if it can't stabilize at 2830, target: 2620, stop loss: above 2850.
