12.02 Monday Market Overview
December is a season full of harvest. Today is the first Monday of December, and Bitcoin opened with a bullish cross star in the morning. The weekly line closed with a bearish hammer line. Looking at the higher time frame, the weekly hammer line indicates a bullish market this week.
BTC closed today above 97K, and the bottom is already rising, with the bottoming process temporarily completed; on the 4H chart, Bitcoin reached 98K without an entity support bar and retraced above 97K. To stabilize at 98K, it must have an entity bar to then surge to new highs and aim for 100K; support is at 96857 and 95695, while resistance is at 98286 and 98619.
ETH is oscillating in the 3646-3757 range, with the bottom gradually rising, forming a small ascending triangle. As long as the trend line is not broken, the outlook remains bullish. The current stable position is to break through the resistance level of 3757 and go long, with defense at the previous bearish line's lower shadow position; support is at 3663 and 3612, while resistance is at 3757 and 3806.
XRP, as mentioned in last night's post, surpassed BNB in market capitalization, ranking fifth. When I woke up, its market cap reached 135.1 billion USD, overtaking SOL and USDT to return to the top three, becoming the third largest cryptocurrency by market cap, back to the level before the SEC's lawsuit against XRP. The 4th is when XRP's stablecoin was launched. Now, the bottom at 2.4 has increased sixfold, and the current trading volume has surpassed Bitcoin and Ethereum, with liquidity flowing into XRP; it’s a bit difficult to overshadow the master. Currently, it's following an ascending wedge pattern, with support at 2.2959 and 2.17, and target resistance at 2.574 and 2.6418.
WIF: The golden dog hat on the SOL chain; I can’t even remember how many waves I’ve traded on it, bought at 1.08 long-term and sold at 2.34, and I haven't moved my principal since then, even at 4.8 I haven’t sold a single one; then I’ve almost taken short-term trades at least ten times for over 10 points. If you look closely at WIF's market, you can see the purpose of the big players; it’s either a W bottom or an M top, either a shark pattern or a butterfly pattern, all are standard shapes based on data.
On 11.26, I bought at the 618 retracement level of 3.006, and my sell order was at 3.366. This morning, I saw that it had been executed, gaining 12 points or 1200 USD in hand; many people are afraid to enter at the retracement level, thinking it will continue to drop, but when it reaches the resistance level, one should take action. Otherwise, it’s just a profit reversal; the market gives you opportunities, and if you can't seize them and achieve the unity of knowledge and action, it will be very difficult to make money in the financial market.
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