$BTC 11.7 Bitcoin Market Analysis
Driven by the favorable news of Trump's victory, the cryptocurrency market generally rose. In yesterday's community operations, after opening a short position in the 71,000-72,000 range, it quickly hit the stop loss, resulting in a loss of about 2 points. Then, the focus shifted to Ethereum long positions, which gained 6 points, resulting in an overall profit of about 3 points.
Bitcoin has completed the WXYXZ structure correction and has entered the fifth wave of upward movement. Due to the lingering impact of news, it is not advisable to chase long positions in the short term, nor to open short positions. It is recommended to observe and wait for the potential third wave pullback confirmation opportunity after the fifth wave.
In summary, the small level 5 wave upward structure is complete, securing long positions to avoid pullbacks, but shorting is not recommended. Although the technical aspect is complete, it is uncertain whether the impact of news has ended, so it is better to observe more and find another opportunity to trade.
Take profit on long positions, mainly observe.
