Funds have started to flow out! Can Bitcoin hold up? As a participant in multiple bull markets, let me talk about the most likely trends in the cryptocurrency market ahead!
First of all, the most concerning topic for everyone is how this wave of Bitcoin bull market will unfold. As an experienced trader, I can share my personal experience. The current trend is exactly the same as in 2020, both starting to rise in October. Last time it went from 10,000 to 20,000, this time it’s from 50,000 to 100,000. And then there's the Western traditional shopping frenzy, Black Friday, which aligns with the rule that prices often drop during holidays, pulling out quite a bit of capital from the crypto market. Of course, the amount taken out isn't very much, but many people will anticipate this correction. So even if they don't go shopping, they will sell at the peak, and combined, this amplifies the correction effect. This time, the correction might be a bit lighter; I see 87,500 as a very good support level. If it reaches there, it would be a good entry point. Additionally, the area above 90,000 is also a solid round number support. Looking back at the market, today's situation is still in a tug-of-war with fluctuations. The morning indicated a short position, which was basically captured, and then followed by a rebound where a short-term long position was taken, which was quite good. If you grasp this type of market well, it's like a fish in water. #BTC☀ #ETH🔥🔥🔥🔥
The current structure is still as expected, with a shrinking fluctuation range and converging space, after which a downward trend is likely to occur, with minor corrections. Therefore, the probability of further downward movement is quite high. In the short term, it is still operating within a downward fluctuating channel, with weak rebounds failing to stabilize, which instead increases the probability of breaking down. Both bulls and bears need to respond flexibly in combination with the market patterns. As the space shrinks, the frequency of fluctuations will increase. In terms of operations, for the short term, maintaining a rebound short position is sufficient.
For Bitcoin, focus on short positions around 93,800-94,300, with an expected target of 91,500. For Ethereum, focus on short positions around 3,420-3,400, with an expected target of 3,350.
