12.03 Market Overview
BTC closed this morning with a bearish doji star, while yesterday it closed with a bullish doji star. The closing prices over the past two days indicate a stalemate between bulls and bears, showing that the current market for BTC is quite tense and remains in a range-bound fluctuation.
On the evening of the 29th, before the appearance of the Gartley pattern for BTC, I publicly announced a short position near 97141, which hit the take-profit point at 94632 yesterday; in the afternoon, I drew the chart again, and BTC showed the Gartley pattern, where I also publicly announced a long position at 95537. Last night the price spiked to a maximum of 98130, and my take-profit at 96715 was successfully reached. Yesterday, I profited from both short and long positions. Now the market continues to fluctuate, and I again profited based on structural patterns.
On the 4H chart, BTC has shown a Cypher pattern again. The D point has not yet formed, but the data for B and C are within the acceptable range for the Cypher pattern, so I am preemptively placing a short position near 97715, with a stop-loss at 98808 and take-profits at 96422 and 95660, with a risk-reward ratio of about 1:1 to 1:2.
Each pattern's appearance involves making predictions based on the last point of an incomplete formation before opening a position, performing a risk-reward analysis, and strictly setting stop-losses.
ETH has been fluctuating between 3584 and 3682 after a real drop yesterday. Let's see if the 4-hour closing line is a hammer line. If it closes as a Pinbar hammer, that would be a signal to go long, entering at the closing price, with a stop-loss at the lower shadow position and take-profits at 3728 and 3757.
Ethereum is currently performing very steadily, and today an additional 10 billion USD was issued on-chain. On-chain activities are very active, and market sentiment is bullish. The only downside is that the foundation and Vitalik are still selling Ethereum for arbitrage. Resistance is at 3717 and 3757, support is at 3584 and 3538.
XRP remains very strong; currently, all exchanges and blockchain websites are featuring XRP prominently. Indeed, XRP is in the spotlight; Korean exchanges and some previously delisted small exchanges are relisting XRP. In just three days, its market cap has returned to the top three, now at 150 billion USD, surpassing China's PINDD. It is estimated that next year it will go through an ETF; these favorable conditions are driving XRP to new heights in just one day. After the last event, I sold 95% of my spot holdings, now just keeping a small amount to see how high it can fly; the target resistance is at 3.02 and 3.2575, with support at 2.4936 and 2.2597.
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