“Change is inevitable and adapting to change is the key to success.
——Bridgewater Associates founder: Ray Dalio (Principles)
The pressure on Bitcoin is increasing and it is being squeezed. When the price hovers at the psychological resistance level of $100,000, the market shows extreme greed. The fear and greed index has risen sharply from 83 a week ago to 87. This sentiment usually indicates that an adjustment is about to occur!
Looking back at last week, the two texts and accompanying strategies released on Thursday (Trader Sean: Bitcoin bull market is far from over, it will hit $98,700 in the evening) and Friday (Trader Sean: Bitcoin is soaring, the "time has come" for a short-term sniping of the $100,000 frenzy), made it gratifying that Bitcoin rose from $96,700 to $98,700 last Thursday, and fell from $99,500 to $97,100 on Friday. For two consecutive days, the ideas gave a profit margin of more than $2,000.
Over the weekend, Bitcoin's downward price broke below $96,000, reaching the MA5 support of the 2-day line. Taking advantage of the positive rebound from Pennsylvania's passing of the (Bitcoin Rights Bill), Bitcoin's price returned to $98,600 at the time of writing. With Trump's election, the possibility of implementing tax cuts will affect the demand for government bonds. If spending does not decrease accordingly, the fiscal deficit may expand, putting greater pressure on the bond market. Therefore, in a high-inflation environment, investors are more inclined to turn to hard assets like Bitcoin. Overall, with multiple positive factors and a strong market backdrop, the cryptocurrency market is likely to remain in a bull market for a relatively long time. It is worth noting that a bull market is not a one-sided straight rise; a price drop of 5-15% can be considered a normal and healthy correction. This week faces a monthly line change without preset news, and with prices breaking below the upward central point, it is a good opportunity for adjustment!
In terms of formation, as shown: the four-hour chart is operating well within the upward channel trend, overall showing a fluctuating upward pattern. After breaking the central point over the weekend, the top-bottom conversion is completed, and with the operation of the market, the central price has come to $98,500.
Recommendation for November 25:
Bitcoin (BTC): Currently shorting around $98,600, target $95,800
