24/11/22 BTC continues to break through 99000, ETH's catch-up looks promising to reach 4000, the greed index approaches historical highs.
According to Reuters, Trump's 'Cryptocurrency Advisory Committee' is expected to establish a committed Bitcoin reserve. The greed-fear index has reached a previous high of 94, also in the extreme greed phase.
The weekly chart has seen three consecutive bullish candles. From the perspective of the Fibonacci extension line, after breaking 94700, the next pressure is around 107000. Currently, the highest has also reached over 99000.
Ethereum has ended a week of oscillation and is choosing to break upward. The highest point reached before this article was 3386, less than 100 points away from 3444, increasing the probability of a breakout. As long as Bitcoin does not experience a significant pullback, it is not ruled out that it could reach around 4000. Every rapid surge in Bitcoin without Ethereum following suit has been criticized, but in my opinion, this is a normal trend and logic; we just need to wait patiently.
Bitcoin
After breaking out of the ascending triangle on the daily chart, it has formed three consecutive bullish candles. It pulled back to 95600 last night and continued to rise. In the short term, we still expect a pullback and rebound. There are no obvious signals of a peak on the daily chart, so pay attention to the 4-hour ascending trend which should not be broken; if it does, we need to take note.
FOMO sentiment is high, and the greed-fear index has reached extreme greed. The higher it goes, the greater the risk, which aligns with our view that when reaching over 90,000, we should seize short-term opportunities to secure profits. Mid to long-term positioning requires waiting for a correction before entering the market.
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Ethereum
Ethereum has entered a phase of catch-up. First, pay attention to L2, ARB, OP, METIS... and also consider staking ETHFI, SSV, LDO, etc.
SOL is facing a breakthrough to a new high, currently at 259.9, near the previous bull market high. Earlier, we mentioned that this bull market is an institutional bull market and also an ETF bull market with BTC and ETH (already through). Potentially, there are also SOL, XRP, and LTC (potentially through). Other than LTC, the other two have also seen significant increases.
Bitcoin's secondary layer ORDI, SATS, RATS has performed very poorly; let's watch to see if there is an opportunity for a catch-up. (The usual approach is to avoid chasing highs and instead look for low-value assets.)
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