Bitcoin Market Trend Prediction - Detailed Analysis for December 3rd
I am reviewing the Bitcoin trading strategy for December 3rd. The technical charts and market information for the day have provided some guidance, allowing me to cautiously develop a trading plan while predicting support and resistance levels.
Based on the analysis, I found that the intraday support level for Bitcoin on that day is between 94,500 and 95,000. This area has demonstrated its solid support role in past trades. Meanwhile, the intraday resistance level is located in the range of 96,800 to 97,300. This resistance zone may limit further price increases.
On the hourly chart from yesterday, it can be observed that Bitcoin found support near 94,500. This previous high-pressure area has now formed an effective support-resistance interchange relationship, indicating that there may be a potential M-top pattern in this price range.
According to historical data and market experience, we know that Bitcoin often exhibits a consolidation pattern before breaking through $100,000. While it may sometimes experience short-term increases followed by sideways adjustments, the influx of funds and the performance of Ethereum often drive the trend of the entire cryptocurrency market. During the adjustment phase at the beginning of the month, we advise investors to go long near the support levels and pay attention to market dynamics.
My intraday trading plan is based on the analysis above. Specifically, when the price reaches or approaches the support area of 94,500 to 95,000, I would consider going long. On the other hand, if the price approaches or touches the resistance level of 96,800 to 97,300, I suggest investors consider a short-term bearish strategy.