12.03 Market Overview

The BTC price closed this morning as a bearish doji, while yesterday it closed as a bullish doji. The closing prices over these two days indicate a stalemate between bulls and bears, suggesting that the current market is very tense and remains in a range-bound fluctuation.

On the evening of the 29th, before the BTC exhibited a Gartley pattern, I publicly mentioned a short position around 97141, which accurately hit the take-profit level of 94632 yesterday; in the afternoon, after drawing the chart, BTC exhibited another Gartley pattern, and I also publicly mentioned a long position around 95537, with a peak spike to 98130 last night, my take-profit of 96715 was also successfully reached, allowing me to profit from both shorts and longs yesterday. Now as the market continues to fluctuate, I am again profiting based on structural patterns.

Looking at the 4H chart, BTC has also shown a cipher pattern; currently, the D point has not yet been established, but the data for B and C both meet the cipher pattern standards, so I have preemptively set a short position around 97715, with a stop-loss at 98808 and take-profits at 96422 and 95660, yielding a risk-reward ratio of about 1:1 to 1:2.

Each pattern's appearance involves making predictions at the final uncompleted point, followed by opening positions and conducting risk-reward ratio analyses, while strictly setting stop-losses.

ETH has been fluctuating between 3584 and 3682 after a significant drop yesterday, and I will check if the 4-hour closing forms a hammer candlestick. If a pin bar hammer is formed, that would also signal a buying opportunity, with the opening position at the closing price, stop-loss at the lower shadow, and take-profits at 3728 and 3757.

Ethereum is currently performing very steadily; today, an additional 10 million USD was issued on-chain, and on-chain activities are very active, with the market displaying a strong bullish sentiment. The only downside is that the foundation and Vitalik are still selling ETH for arbitrage. Resistance levels are at 3717 and 3757, with support at 3584 and 3538.

XRP remains very strong; currently, various exchanges and blockchain websites are featuring XRP prominently. Indeed, XRP is now at a peak, with Korean exchanges and some smaller exchanges that previously delisted XRP now relisting it; within three days, its market cap has returned to the top three, now at 150 billion USD, surpassing China's Pinduoduo; it is expected to go through an ETF next year, and these positive factors are driving XRP skyward in just one day; I also sold 95% of my holdings after the last event, leaving just a small amount to see how high it can fly; target resistance is at 3.02 and 3.2575, with support at 2.4936 and 2.2597.

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