Yuelin: Long-term outlook for next week! Can Christmas reverse the "downtrend"
Last week, Bitcoin showed an unusually strong competitive trend.
At the beginning of the week, it quickly surged to refresh the historical high, only to encounter a massive profit-taking, then rapidly plunged from around 108,000 to around 92,200, a decline of nearly 16,000 points, completely washing out the profit-takers, followed by a rapid rebound of over 7,000 points, with both bulls and bears being shaken out entirely, displaying a volatile fluctuation. If you want to profit from the long side, you need to grasp the timing precisely and act decisively. Our long-term public advice last week on the strategy of not selling before taking profits was spot on, which can be verified! In actual trading, we flexibly responded to market signals, and this week, Bitcoin had a total layout of 29 positions, achieving over 33,000 points in space, while Ethereum, which was laid out simultaneously, also gained over 400 points!
After Federal Reserve Chairman Powell stated that "the Federal Reserve cannot hold Bitcoin and will not seek legal changes to hold Bitcoin," there was a sharp drop. Bitcoin briefly fell below the 93,000 mark this Monday, with a weekly decline of over 8%; Ethereum fell over 15% this week.
The washing phase is not yet over. For next week's trend, frequent switches between bulls and bears are likely to occur, with the ongoing wash. Facing the Christmas holiday, the curse of falling during holidays still exists, but before that, there has already been a significant downward movement on the daily chart, which has directly washed out most of the long positions. Although there has been a pause in the short term, Saturday saw a strong rebound that completely washed out those who were aggressively shorting. The subsequent position can be referenced as a dividing line for bulls and bears; if it cannot stand above the 100,000 mark, there will still be significant downward movements, and there is a high probability of retesting the 90,000 support. If it breaks down, the decline will continue. In such a washing market, one must always be prepared for risk control, avoid going against the trend, and if losses need to be cut, they should be cut; at no time should one harbor any illusions.
Yuelin's long-term non-panic operation suggestions:
BTC: 98,500-97,300 positions, target 92,000-88,000
ETH: 3,402-3,360 positions, target 3,200-2,900
As the year-end market fluctuates greatly every day, as long as we are still in it, there will be opportunities to make a comeback. I will also provide real-time analysis based on market signals daily, hoping to help everyone minimize losses. For those not good at short-term trading and unable to gauge the trend, feel free to follow Yuelin; I am always here to support cryptocurrency friends!