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December 17 Bitcoin and Ethereum Market Review and Analysis:
Recently, the market focus has been on Bitcoin, with capital flows clearly favoring Bitcoin, leading to a price surge and an attempt to stabilize at a new level. The Coin Victory Group believes that although Bitcoin may experience sideways fluctuations after its rise, the opportunity for altcoins has not yet arrived. It is expected that after a possible further rate cut by the Federal Reserve, market funds will be reallocated, benefiting altcoins as well.
The Coin Victory Group believes that while some altcoins, such as MEME coins and inscription coins, are temporarily unsuitable for investment, not all altcoins will lose value. The historical bull market pattern of Bitcoin rising first, then consolidating, followed by altcoins catching up may repeat. Meanwhile, although Ethereum is currently underperforming compared to Bitcoin, with the influx of new funds, especially from large investment institutions like BlackRock, Ethereum's rise is just a matter of time.
Finally, the Coin Victory Group emphasizes that this week's market focus is on economic data and the Federal Reserve's interest rate meeting. Investors should pay attention to the upcoming November sales data, third-quarter current account data, as well as GDP and PCE data. After the release of these data, market fluctuations will provide good opportunities for long positions. It is recommended that investors focus on low points and take profits in a timely manner, as high points may gradually increase.
Market Review:
Crypto friends, yesterday we accurately analyzed and provided long position strategies for Bitcoin and Ethereum in our article on December 16. The target price for Bitcoin was 10.4, and for Ethereum, it was 3920/3880. The market dipped to 10.33/3880, perfectly hitting the buy point, and the long position strategy was successful, with a maximum profit of 3800/100 points. Congratulations to those who followed the operation!
Now, let's analyze the current short-term fluctuation adjustment situation and provide the afternoon operation strategy.
Bitcoin (BTC) Analysis:
From the daily chart, Bitcoin formed a small bullish candle yesterday and once again reached a new high. The price is steadily rising along the MA5/10-day moving averages, showing a clear bullish trend. On the 4-hour chart, the price is generally moving upwards along the MA5-day moving average, gradually breaking through new highs. Short-term support and buying opportunities are near the MA5/10-day moving averages, while also paying attention to the MA30-day moving average pullback on the 1-hour level for buying opportunities.
Ethereum (ETH) Analysis:
The daily chart for Ethereum shows a red candlestick with upper and lower shadows, indicating a doji pattern. The price quickly rebounded upwards after pulling back to the MA10-day moving average, maintaining overall movement above the MA5/10-day moving averages. On the 4-hour chart, the moving averages are continuously concentrating upwards, and we are waiting for a pullback to buy. Once the price breaks through and stabilizes above $4000, we can expect further upward momentum.
Afternoon Operation Thoughts (Written at: 18:00):
For Bitcoin (BTC), it is recommended to take a light long position near 10.56/10.48, targeting above 10.7. For Ethereum (ETH), it is recommended to take a light long position near 3960/3920, targeting above 4050.
Medium to Long-Term Trend:
Bitcoin continues to maintain a bullish trend, and short-term pullbacks are opportunities to buy. Currently, there are no signals indicating a peak, and the bullish outlook remains unchanged. With Bitcoin maintaining a bullish trend, Ethereum can also expect subsequent upward momentum, especially whether the upward trend will continue after stabilizing above $4000.
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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 will continue to monitor market dynamics and update analysis and trading strategies in a timely manner. Thank you for your attention and support. We mainly focus on contracts for 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 K-top predictions, and monthly head predictions.
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