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Bitcoin and Ethereum Evening Trading Strategy for December 11
The rejection of the cryptocurrency proposal by Microsoft shareholders did not surprise the market, and its brief impact on market sentiment did not have a lasting effect. Meanwhile, the Bitcoin spot ETF attracted massive capital inflows after Trump's election, surpassing $10 billion, indicating market expectations for potential favorable policies. The Ethereum ETF also set a new weekly inflow record, reaching $837 million, reflecting mainstream institutions' favor towards the cryptocurrency market. Despite market volatility and extreme predictions from analysts, the Coin Victory Group believes these are mostly subjective speculations. Investors should focus on the daily market rhythm and avoid being swayed by unfounded predictions. Bitcoin's resilience is evident as its price quickly rebounds to the 96K-99K range after repeatedly dropping below 95K. Short-term traders should prioritize timely profit-taking and avoid chasing highs and lows, maintaining composure to capture profits from each trade.
The Coin Victory Group holds an optimistic view on the upcoming CPI data, expecting that rising inflation expectations will not alter the Federal Reserve's path to rate cuts in December, but may instead trigger a market rebound. Considering the potential for a strong rebound after consecutive market declines, investors are advised to look for opportunities for technical rebounds, seeking entry points near important support lines, and not to be disturbed by short-term fluctuations, maintaining their trading rhythm.
Review of Yesterday:
In the cryptocurrency market, precise market analysis and strategies are crucial for investors. In the midday article on December 10, we successfully predicted a short position strategy for Bitcoin, and the evening market corrected as expected, yielding a profit of 4000 points on the short position. The midnight article analysis provided a long position strategy at 9.45, which also perfectly timed the entry, resulting in an additional profit of 3000 points. This article will analyze the current market situation and provide a midday trading strategy.
1. Market Review
Yesterday, Bitcoin and Ethereum experienced significant declines, but ultimately both prices closed above key moving averages. From the daily chart, Bitcoin has formed two consecutive lower shadows, retracing to the support at the daily MA30 moving average. Ethereum also closed with a green candlestick, retracing to the daily MA30 moving average.
2. Technical Analysis
Bitcoin Technical Analysis
Bitcoin's decline yesterday showed market volatility, but the price rebounded back above the MA5/10 moving averages, indicating the resilience of bullish forces. On the 4-hour chart, the price is currently oscillating around the MA120 moving average, while on the 1-hour level, it briefly broke below the key support of the MA256 moving average (9.8). We will see if it can regain stability above 9.8 during the day.
Ethereum Technical Analysis
The daily chart for Ethereum shows that yesterday's significant decline resulted in a large bearish candlestick that directly broke below the MA5/10 moving averages and touched the daily MA30 moving average at around 3480. Currently, the rebound strength is weak, and it has not managed to close above the MA5/10 moving averages. On the 4-hour chart, the price is currently oscillating between the MA60-120 moving averages, with attention on the breakthrough of the 3800 resistance level.
3. Midday Trading Strategy (Written at 17:30)
Bitcoin (BTC) Trading Strategy
Short Position Strategy: Lightly short near 9.86/9.95, targeting around 9.7.
Long Position Strategy: Lightly long near 9.65/9.55, targeting above 9.8.
Ethereum (ETH) Trading Strategy
Short Position Strategy: Lightly short near 3780/3850, targeting around 3700/3650.
Long Position Strategy: Lightly long near 3600/3550, targeting around 3700/3750.
4. Medium to Long-term Trend Analysis
Bitcoin is currently holding above the daily MA30 moving average. As mentioned in yesterday's article, we do not consider it bearish until it completely loses this line. Ethereum has seen a significant pullback, but we also need to observe the gains and losses around the daily MA30 moving average.
5. Market Sentiment and Risk Management
In the current market environment, investors need to remain cautious and closely monitor changes in market sentiment. Due to the high volatility of the cryptocurrency market, investors should allocate funds wisely and avoid excessive concentration in investments to reduce risk. Additionally, setting stop-loss points is an important part of risk management, helping investors exit promptly in unfavorable market conditions to minimize losses.
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This article is independently written by the Coin Victory Group. Friends in need of current price strategies and solutions can find the Coin Victory Group online. We mainly focus on contracts, BTC/ETH/ETC/LTC/EOS/BSV/ATOM/XRP/BCH/LINK/TRX/DOT, specializing in styles, mobile lock-up strategies around high and low support and resistance for short-term fluctuations, medium to long-term trend positions, daily extreme pullbacks, weekly top predictions, and monthly head predictions.
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