Preface: Investment involves risks; operations must be cautious.
The article review takes time and there may be delays in publication. The article is for reference only; welcome to read!
The article was written on: November 28, 14:46 Beijing time
Market Information
1. Over $103 million has flooded into the US spot BTC ETF market;
2. Hong Kong plans to provide tax exemptions for hedge funds and ultra-high-net-worth family offices in cryptocurrency;
3. Russia approves cryptocurrency tax law, classifying digital currencies as property and exempting mining businesses from VAT;
4. VanEck CEO: US policy shift brings strong momentum to the crypto market, predicting Bitcoin will reach $400,000;
5. US Senator Ted Cruz stated he hopes 'Texas becomes a center for Bitcoin and cryptocurrency';
Market Review
I gave everyone a reminder when it fell the day before yesterday: do not panic during the decline, the decline is an opportunity for us to go long. The recent low point of Bitcoin in this decline was at 90825, which did not break the support at 88700. The long position at 92000 had a lower average purchase price, with the highest surge reaching 97200, easily making a profit of 5000 points. The recent surge of Bitcoin is still ongoing. After a bit of a pullback during the day, it will continue to rise. There is a great chance that this rise will break 100,000. Those who follow the author's strategy can manage their profits themselves. Ethereum also had a surge yesterday, and the strength of this surge is quite large, directly breaking the 3570 position. The current highest point is at 3686. The long position around 3330 the day before yesterday has already made over 200 points profit at 3570. For those holding through the breakout, there will be even more profits. Currently, Ethereum has broken out, and the market will also see a new surge. The rise is continuing; pay attention to your holdings.
Market Analysis
BTC:
From the daily chart, Bitcoin closed with a strong bullish candle after the decline, breaking through the previous bearish candle. The market shows a bullish trend. The declines on Monday and Tuesday were necessary to establish a low point as support after refreshing the weekly high. The low point has been established, and Bitcoin is expected to gradually push higher in the coming days. It may not rise as quickly as before, but ultimately the price should reach around 100,000 or establish a new high before starting a pullback. Those who went long around 92000 can reduce positions and carry stop losses to continue holding. For those who are not in, there is now an opportunity to enter, but manage your positions well and leave a few opportunities for averaging down. The target remains to see above 100,000. Take your own chances to enter; short-term trading requires risk control, and you bear your own profits and losses.
ETH:
From the daily chart, Ethereum's recent surge directly broke above the resistance. Generally, a breakthrough of resistance and support requires such a strong bullish candle to be considered an effective breakout. The previous position was not broken during the rebound process and has fallen now. After the breakthrough, resistance becomes support, and we need to pay attention to the breaking situation at 3978 in the future. Those who exited around 3330 can consider re-entering around this support at 3570. For those who have not exited, reduce positions and move stop losses to continue holding, targeting a break at 3978. Take your own chances to enter; short-term trading requires risk control, and you bear your own profits and losses.
In summary:
Bitcoin and Ethereum bulls remain strong and will continue to rise;
The article is time-sensitive, be aware of risks, the above is only personal advice and for reference only!
Follow the WeChat public account Crypto Lao Zhao to discuss the market together;
Everything, the root of suffering is the pursuit of certainty. Impermanence is the norm, and it is how life should be. Always wanting to grasp the market, not trading at a 50% certainty, not trading at a 70% certainty, must wait for a 100% certainty. Where in the market is there a 100% certainty?
Trading is about trading risk, which means trying to make the probability stand on your side. Those who give will receive; those who bring fortune will receive fortune. Sometimes, learn to take a little loss, be a little silly, a little foolish. For example, if the market is bullish, once this is confirmed, do not get too stuck on a position, reduce your position a bit, and then just get in first. At worst, it may reverse.
