Date: November 29, 2024 | Time: 08:00 - 12:00
Greetings, everyone! Here's the latest market update:
Key Highlights:
The marketโs weekly trend for both general assets and Ethereum is showing signs of weakening, while the monthly structure has now fully developed. Market volatility is rising, making it a critical time to prioritize risk management over aggressive trading. Many altcoins are displaying a consistent pullback trend, aligning with the conclusion of their monthly structure.
Market Sentiment and Strategy:
The broader market outlook remains bearish, but short-selling is not advisable at this stage. This is an opportune time to secure profits at higher levels, as weekly and monthly structures indicate that key stop-profit zones can still be achieved. Expect price pullbacks to continue in the short term, while the medium-term outlook remains cautiously optimistic. The 4-hour chart indicates a brief rebound, yet selling pressure at levels such as 99,000 and 100,000 continues to dominate, creating potential traps for long traders. Daily and weekly supports are still holding, which suggests medium-term bullish possibilities despite the current corrective phase.
Ethereum Overview:
Ethereumโs divergence indicates a likely pullback, with significant selling pressure observed at key levels like 3600, 3700, 3800, and 4500. While a short-term correction is expected, the medium-term outlook remains positive. The weekly structure for Ethereum is fading, whereas the monthly structure has solidified, signaling the completion of its recent cycle.
Altcoin Insights:
The market currently favors waiting for further pullbacks before making entry decisions. Selling pressure is evident across numerous altcoins, with signs of profit-taking at higher levels. A detailed monitoring of 330 altcoins on Binance reveals:
Weekly structures increased for 35/40 assets.
Monthly structures increased for 224/227 assets.
Combined weekly and monthly structures saw a minor decrease of 55/45 assets.
Altcoin Season Indicators:
An altcoin season is likely to begin when the monthly structures exceed 150 or when combined weekly and monthly structures surpass 100.
Conclusion:
The market remains in a corrective phase with selling pressure intensifying at critical levels. While long-term prospects for Ethereum and altcoins remain promising, traders should focus on managing risk, securing profits at high levels, and awaiting further pullbacks for optimal entry points.
Special Note:
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โ ๏ธ Disclaimer: The analysis shared is based on personal insights and is not to be considered financial advice. Always assess risks carefully before entering the market.