U.S. stocks closed mixed overnight, with the Dow down 0.29%, the Nasdaq up 0.97%, and the S&P 500 index up 0.24%. Both the Nasdaq and S&P 500 indices hit new all-time highs again. The crypto market saw more declines than gains, with Bitcoin following Ethereum and some altcoins into a breakdown yesterday, causing panic in the market. Many are seeking news and consulting 'experts', and of course, many are also cutting losses. In fact, most of those cutting losses are recent buyers at high prices. If you had positioned yourself in advance, there is no need to panic now; instead, it is an opportunity to add to your positions. The coins that have seen significant declines are mainly concentrated in the meme sector and governance tokens. Opinions vary on the current pullback; some say it's due to Bitcoin's reluctance to break through $100,000, with $99,588 seen as the historical top. Others cite the Syrian civil war, tensions in the Middle East, and the escalation of the Russia-Ukraine conflict. However, these are not the main reasons. The biggest factor is that a series of economic and financial data from the U.S. is set to be released in December, which will affect whether the Federal Reserve will cut interest rates. This volatility can also be viewed as a tool for whales and institutions to manipulate prices, and these fluctuations are part of the positioning before sector rotation.

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Bitcoin surged to around $98,180 in the early hours of Monday but faced resistance and retreated. In the afternoon, it dropped to around $94,836 before beginning to rebound, and in the evening, Bitcoin rose to a high of $97,400 but faced pressure again, dropping to around $94,440 before rebounding and oscillating near $95,000. Based on the retracement space on the four-hour chart, we can still view the current pullback as a correction. The bottom of the last large bullish candle is the critical point for bulls; as long as it stays above this level, the market will maintain a strong consolidation pattern. From the current structure, the market's strong characteristics remain evident, and the local pullbacks are accumulating strength for the bulls. On the hourly chart, after a wave of retracement and consolidation, the market has digested the overbought pressure from the auxiliary indicators. The short-term trend has slightly slowed down and has entered a recovery trend. Do not easily think that a short-term pullback during the consolidation phase indicates a trend reversal; the overall direction remains bullish. It is merely a period of consolidation. Our outlook for the future remains bullish; we will continue to look for buying opportunities on pullbacks and at lower levels:

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