"Change is inevitable; adapting to change is the key to success."
—— Ray Dalio, Founder of Bridgewater Associates - "Principles"
The pressure on Bitcoin is continuously increasing, and as the price hovers around the psychological resistance level of $100,000, the market is experiencing extreme greed. The Fear and Greed Index has surged from 83 a week ago to 87, a sentiment that typically signals an impending adjustment!
Looking back at last week, the texts released on Thursday, "Trader Sean: The Bitcoin Bull Market is Far from Over, Targeting $98,700 Tonight", and on Friday, "Trader Sean: Bitcoin Soars, the 'Timing is Right' for a Short-Term Surge to $100,000", along with the accompanying strategies, were quite encouraging. Bitcoin rose from $96,700 last Thursday to $98,700, and then fell from $99,500 to $97,100 on Friday, providing over $2,000 in profit potential for two consecutive days.
Over the weekend, Bitcoin's price fell below $96,000, touching the 2-day MA5 support. Taking advantage of the positive rebound from Pennsylvania's passage of the "Bitcoin Rights Bill," Bitcoin's price returned to $98,600 at the time of writing. With Trump's election, the likelihood of tax cuts will affect demand for government bonds. If spending does not decrease accordingly, the fiscal deficit may widen, 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 favorable 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 5-15% price drop can be seen as a normal and healthy correction. This week faces a monthly line change, with no scheduled news and the price breaking below the upward pivot, presenting a good opportunity for adjustment!
In terms of patterns, as shown: The four-hour chart is operating well within an upward channel trend, overall presenting a fluctuating upward mode. After breaking the pivot over the weekend, it completed a top-bottom conversion, with the pivot price now at $98,500.
November 25th Recommendations:
Bitcoin (BTC): Short near $98,600, targeting $95,800.
The above is just my personal logic and viewpoint; discussions and exchanges are welcome. Creating content is not easy, please indicate the source if reprinted. Thank you for following the WeChat public account: Trader Sean.
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