The market is never short of opportunities; what is lacking is the ability to seize them and the patience to wait for them. Only by enduring the lows can one climb to the peaks!
Tuesday's market was in stark contrast to Monday! On Monday, the white market fell due to panic triggered by the Asian macroeconomic situation, coupled with news that the newly appointed Federal Reserve chairman was hawkish, leading to a continuous decline.
In the morning, Old Wang provided a short selling idea, which was reflected in the market's movement, as it dropped after reaching Old Wang's entry point multiple times, providing around a thousand points of space. Due to significant market fluctuations afterwards, Old Wang couldn't update everyone in a timely manner and was busy with real-time trading!
The rise in the market on Tuesday mainly stemmed from two heavyweight financial institutions simultaneously changing their stance on Bitcoin, bringing a large amount of new capital expectations to the market:
1. Bank of America has opened Bitcoin asset allocation, which means that one of the largest financial institutions in the United States has officially included compliant Bitcoin ETFs into its mainstream service system.
2. The Pioneer Group has opened cryptocurrency ETFs to its clients. This company previously regarded Bitcoin as a 'speculative asset' and kept it at arm's length. This policy reversal has strong symbolic significance, marking a major shift in the attitude of traditional asset management giants.
Old Wang's actual operation layout today is quite abundant, the largest being Old Wang's intraday swing layout, which accidentally turned out well! In the morning, looking at 86000 not going down, we laid out long positions, as friends with a large position entered with a relatively small position, wanting to carry him to take profits, which continued until the evening before giving direction, and quickly broke upwards, resulting in this intraday position capturing a space of over 4000 points!
From the current market perspective, market sentiment is currently dominated by news, and the following aspects need to be focused on in the future market:
1. The Federal Reserve's interest rate decision on December 9 to 10, analysts predict that subsequent rate cuts will put pressure on the dollar, which is also a reason for the rise. Old Wang has always said that it is necessary to see whether it can truly and realistically solve the big basket of the U.S. economy. A slight misstep could lead to economic collapse and market crash!
2. From the market perspective, this round of rebound is high at the range of 93000-94500. If the first point above moves in a favorable direction, it is necessary to observe the pressure situation of Bitcoin at the resistance level of 98000!
3. It is necessary to pay attention to whether those listed companies that hold a large amount of Bitcoin will make selling decisions due to financial pressure!
From the perspective of the swing, Old Wang mentioned earlier that shorting on highs is still applicable, but as long as the above three points frequently give favorable news from heavy to light, it will be necessary to change direction in a timely manner!
In the short term, Old Wang still leans towards bearish, the large-scale bearish trend on the weekly chart remains unchanged. Although interest rate cuts and balance sheet reductions are approaching, the increase is limited. Old Wang will not analyze the technical aspect here, as it only applies to ultra-short-term, the overall direction still leans towards bearish!
Operational suggestions:
Bitcoin$BTC 92300-92800 short, looking down at 89000
Ethereum$ETH follows the trend of Bitcoin, can lay out short positions around 3150, looking down at 2800
