A pullback in a bull market is an opportunity for the bears to escape.
BTC Technical Analysis
1, from the perspective of support and resistance, Bitcoin has no bottom because since the rise from 66,835, Bitcoin has not experienced even a single decent pullback; therefore, the current decline is the process of finding a bottom (continuation of upward movement).
2, according to the triangle trend strategy, Bitcoin's 12-hour MACD indicator shows a top divergence, and the RSI indicator is double oversold, leading to a pullback. Currently, it is supported by the 12-hour MA30 triangle. Bitcoin needs to break 100,000 US dollars by early December at the latest; if it cannot break, the adjustment level will expand to the daily level, and the breakthrough deadline will be around December 10.
3, from a wave perspective, this is currently an adjustment to the upward segment from 86,668 to 99,588; if it breaks down below 90,000, it will expand to an adjustment targeting the upward segment from 65,596 to 99,588. The adjustment limit expands to 78,500.
4, personal judgment, the adjustment level will not expand before breaking 100,000 US dollars.
Second, has the market peaked?
1, the original judgment that the market has not peaked remains unchanged.
2, a large-scale trend market is formed by the resonance of small-scale to large-scale upward movements, and destroying the trend requires gradual destruction. The current strength of the pullback can be referred to as fluctuation.
3, the major trend market has a 99% probability of not forming an A-top; we only need to consider one question: the main funds are buying Bitcoin at a low position to sell at a high position, and forming an A-top would affect the exit price of the main funds. Therefore, in the absence of black swan events, the probability of an A-top is almost 0.
4, if 100,000 is the peak, below is a schematic diagram of the top formation:
Third, a bull market pullback is an opportunity that is hard to buy with a thousand gold.
1, the changes in the BTCD index during this pullback need to attract our attention, as the MA60 strong support has been tested multiple times, and finally the daily K-line closed below it, with smaller-scale moving averages showing a downward trend.
2, previously I said, when memes fall, all things thrive; now I want to say, one whale nurtures all things.
Fourth, it has been emphasized in the past few days that the trend of altcoins and the main market has begun to diverge.
1, through these days of observation, we can be more certain of this conclusion: after Bitcoin shows an independent trend market, the market has entered a bull market process from multiple aspects, such as funds and emotions.
2, in the bull market process, most altcoins will have independent market movements, just with different rhythms and timings. Unless there is a large-scale adjustment after a collective peak, they will not follow the main market like in a bear market, where a 1-point drop in Bitcoin could mean a 10-point drop in altcoins.
3, regarding altcoins, those that have risen significantly will follow Bitcoin's pullback; those that have not risen much or are just gaining momentum will outperform Bitcoin during its pullback.
4, looking at the L2 performance that is scorned by the masses, we can glimpse the overall situation.
Summary: A bull market pullback is an opportunity to get on board, grasp the main line, and capture the favored track; BESB is a regular return; the altcoin season is the real frenzy of wealth creation!
