First, let's review last week. After completing the 80,000 test, Bitcoin's weekly level experienced a 10% rebound. The strength and rhythm of the rebound can only be described as sluggish.
The good news is that after the weekly close tomorrow morning, we are about to welcome a bullish engulfing pattern, which signifies a rebound after a downtrend.
In the future, with the interest rate meeting in December approaching, I hope Bitcoin can bounce higher.
The inflow into ETFs has finally decreased significantly from a week of massive outflows, and there is now a net inflow. This is another good thing for a market with scarce liquidity.
The open interest in the futures market has significantly decreased as prices rebounded. This is largely due to the liquidation of most long positions and the reduction of short positions.
The interesting part is the change in funding rates; it seems that the bears, after seeing the weak rebound, have quietly started to re-enter short positions in the market. They are also betting on the continued decline of prices. This point has been mentioned in previous views: when the bear volume accumulates to a certain extent, the future liquidation and stop-loss of these bears will become fuel in the process of rising. Therefore, when the majority of the market direction is consistent, or even overly so, it is important to calmly and rationally judge whether to 'go with the flow.'
Back to the market.
The major coin is oscillating upwards along the upward channel, starting to adjust in a sideways manner instead of falling.
The 4H level for the major coin rebound continues to decrease in volume, showing clear stagnation. It was mentioned in last Friday's live stream to be cautious about chasing long positions again. In a narrow range consolidation structure, treat it with a short-term oscillation mindset.
For the pullback, focus on the price performance around 8w8-8w6, especially the potential bullish reversal structure of the head and shoulders being formed at the 4H level.
If it stands firm in this area, a narrow stop-loss can be tried for a bullish expectation.
If it breaks down with increased volume and continues to pull back, the bulls will lurk around 8w2.
Resistance above: 92500/94000/95500
Support below: 88300/86850/84850
The exchange rate has rebounded again to test the downward trend line; the small level and major coin are trading back and forth.
The daily level shows obvious wide-range oscillation. Therefore, ETH does not have an independent market at present, and still holds positions in a short and quick manner, without using a larger pattern.
At the 4H level, ETH's upward channel also starts to show obvious stagnation. After the rebound, it consolidates in a rectangular manner.
After the pullback around 2980 over the weekend, the volume decreased in the rebound and it is relatively weak, with expectations of a pullback. Short-term positions should primarily be to quickly take a bite and leave, especially for long positions backed by the area around 3000.
Tonight until tomorrow's pre-market for US stocks, pay attention to the price performance around the downward pullback position of 2980. After following the market to hold, then look for the rebound to continue.
If it breaks down with increased volume and fails to test the rebound, then the bulls will lurk around 2880.
Resistance above: 3080//3150/3180/3270
Support below: 2980/2880/2775/2666
The daily level bullish rebound of SOL performs better than the overall market. It is potentially forming a rounded bottom reversal structure.
The key support and resistance level at the larger level around 144 shows clear price performance. If it can stand firm above this area after breaking through, then the bullish rebound can continue to extend to higher positions.
After the small-level faces pressure and falls back, it begins to oscillate downward, with attention on the price performance around 128.
For small-level rebounds, pay attention to the area around 140. After breaking through, look towards 144. If it faces pressure and falls back again, the subsequent oscillation downward will continue.
Resistance above: 140.5/143.5/147.2
Support below: 133/131/127.5
$BNB
The daily level follows the market rebound to test the resistance around 900, with overall rebound strength being relatively weak.
After the small-level bullish rebound decreases in volume, the bullish momentum has not continued and begins to naturally fall back.
Pay attention to whether the bulls can continue to hold above 900 after the follow-up. Only with the bullish oscillation can there be opportunities to continue.
If the pullback breaks below 860, watch for bulls lurking around 810.
Resistance above: 900/950/980
Support below: 860/810/770
