End of Year Market Analysis: The Pullback Continues, Focus on These Key Levels
After a weekend of sideways consolidation, the market opened with a direct surge on Monday! The expectation of an interest rate hike in Japan has completely fallen through; instead of dropping, the market has risen against the trend. As mentioned in the live broadcast, we need to present our report card by the end of the year, and the market won't drop sharply; its value continues to rise.
Currently, the one-hour and four-hour charts are all above the zero axis, and the pullback is likely to continue. Tonight, the key point is whether the previous high resistance level can encounter resistance and fall back. Bitcoin has been consolidating near the previous high of 905 for a week.
Tonight's focus is on breakout: a strong breakout with volume will test the resistance at 925. If it cannot hold, it will fall back to support at 875 and 865. Since 865 is the low point of Friday's U.S. session, and there hasn’t been an effective drop below it, the bulls still have the advantage; short positions are only suitable for strong resistance levels.
Ethereum has broken through 3030 for the second time and surged to 3060. This is the Fibonacci resonance point; if it pulls back but does not drop below 3000, it will surge again, with the next target being the strong resistance at 3130-3150, which has a high probability of a pullback. The lower level of 293 from Friday's U.S. session has not been broken, still leaning towards bullish in the short term.
Don’t blindly chase up or down at the end of the year; preserving your principal is key.
Survive the current situation, and next year will definitely be a good year, trust me!
