Morning Market Overview on 12.06

$BTC 's morning closing was a bearish pin bar, during the day 10W reached a new high sending the bears home, and in the middle of the night a pullback pin sent the bulls home, truly a Double Kill with both sides being wiped out.

In fact, this is a common operation by the market makers to clean up long and short leverage, and it is a normal pullback. I personally believe that the large exchanges need to pay off leveraged long positions without crashing the market; if they crash, companies like BlackRock, Grayscale, Fidelity, and MicroStrategy will end up buying everything; therefore, the exchanges have to compensate for the leveraged bulls while ensuring that there is enough Bitcoin available for withdrawal, which puts the exchanges in a difficult position. The compromise solution is for the large exchanges to jointly do pullbacks to clean up long and short margins, achieving two goals at once: ensuring stable development of the large exchanges and maintaining a healthy cycle in the market.

Looking at the 1H chart, Bitcoin has completed a head and shoulders top, and it has been hovering around the 97565 support-resistance exchange line. If it breaks below, it will oscillate within the range of 94632-97565, with support between 94632-97538. A breakthrough will lead to the upper pressure zone of 98803-99601; therefore, the 97565 breaking line is particularly important in determining today's trend.

$ETH followed Bitcoin and experienced a double kill, with a high of 3956 and a midnight pin at 3677. It also completed a head and shoulders top, and is currently in a wide fluctuation at a high range, with upper pressure zones of 3888-3967 and lower support zones of 3735-3757;

Altcoins did not experience extreme market conditions due to Bitcoin and Altcoin's back-and-forth pinning. Bitcoin should stabilize to give altcoins room for growth; after all, a bull market cannot be a one-man show; it’s better to have fun together!

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