Master discusses hot topics:
New high again! Bitcoin successfully broke through $89,000, reaching a high of $89,800, heading towards $90,000. Currently, Bitcoin's total market cap has reached $1.76 trillion, surpassing silver's $1.73 trillion, becoming the eighth-largest asset in the world.
In the past 7 days, Bitcoin has risen by 31%, and many people are starting to speculate on its total market cap surpassing that of silver, although there is still a significant gap to catch up with gold's market cap of $17.65 trillion, about 10 times away.
The long-term appreciation trend of Bitcoin is unquestionable, but the current market sentiment appears overly exuberant, making it difficult for the short-term surge to sustain. Is there still room for further price increases? Personally, I believe the current price may not be the peak, and after breaking $90,000, one can gradually consider rational profit-taking in the medium to long term.
As previously mentioned, Bitcoin is essentially similar to tech stocks in the U.S. stock market, thus it fluctuates with the movements of the U.S. stock market. Trump has always supported interest rate cuts; if he strongly implements this in the future, it will release more liquidity.
In a market where inflation worries are low and the Federal Reserve is expected to maintain interest rate cuts rather than hikes in the short term, Bitcoin may still rise. Currently, the market is betting on the potential benefits brought by Trump's possible return to power, but this sentiment-driven momentum may not last.
The Master previously mentioned in the analysis at the end of October that Bitcoin might pull back from $75,000 to $60,000, and then rise to $80,000; after pulling back from $80,000 to $77,150, the target is $90,000; the current price has almost reached this expectation, but it may still need further consolidation in the coming months.
From historical experience, Bitcoin usually peaks before altcoins, and altcoins may still have room for catch-up, but caution is required.
Additionally, regarding Ethereum, the Master personally believes there may be two possible trends in the future: 1. If Ethereum falls below $2,720, it may bounce back to $3,600! It's like that low-key big brother who has been holding back finally can't help but show up and ask if everyone is still there? However, this market is also one foot on the gas and one foot on the brake.
2. Alternatively, it might just make a slight pullback, shake it off, and continue to rush towards $3,600. However, this time when it comes back, it probably won't be the same $2,720, but rather a new starting point.
Regarding Ethereum's weekly MACD, if it pulls back below the zero axis, it is likely to go back down to test the bottom again, and this bullish run may just be a short sprint.
However, if it pulls back gracefully above the zero axis, it may still be able to ride the bullish trend and climb further. It's just like that seasoned player drifting in the market, leisurely stepping on and off the zero axis, and even if there are some bumps, it remains unshakeable.
In summary, Ethereum is like an old hand, full of tricks and deep strategies, and it could change course at any time. Therefore, everyone in the market is closely watching it, fearing it might suddenly come up with a bright idea and push the market forward.
Master looks at the trend:
Yesterday, the Master placed a long position in the 80,000-80,600 range during the pullback, and in the afternoon, it fell to around 80,400. The long positions targeted at 81,400 to 82,000 were perfectly achieved, yielding 1,500 points.
Due to Bitcoin's overall upward trend, it's difficult to find clear support levels. At this time, analyzing charts in lower timeframes is more beneficial and can better identify areas where highs are formed.
Currently, after reaching close to the $89,000 high, it has entered an adjustment range, and the short-term upward trend has been broken, presenting an opportunity for further adjustment. It is recommended to closely monitor the movement of the moving averages.
Resistance level reference:
First resistance level: 88,300
Second resistance level: 89,300
Support level reference:
First support level: 86,500
Second support level: 85,700
Today's trading advice:
Unlike previous adjustments, this time Bitcoin has formed a double top pattern, and the short-term trend has deviated from the upward trajectory. Further adjustments can be expected to find more favorable entry positions.
In today's trading, Bitcoin's current high of $89K is being retested and accompanied by adjustments, so consider the opportunity for rebounds during pullbacks.
If the K-line price is too far from the moving average, it usually tends to revert to the moving average. Therefore, observe short-term, medium-term, and long-term moving averages in 15-minute or longer timeframes to look for entry opportunities.
11.12 Master placed:
Long entry position reference: Near 87,200-87,500 can take a small long position. If it pulls back to the 86,500 range, go long directly. Target: 88,300-89,300
Short entry position reference: Not applicable
