Midnight Silk Road Analysis
From the chart, the monthly line closed with a giant bullish candle, with wicks on both sides. It must be said that the increase in November exceeded everyone's expectations. Trump had not yet taken office, and such favorable conditions were consumed in advance. At the beginning of the month, it was still around 67000, and by the end of the month, it rose to a peak of about 99660. This is also the highest point in history, with an astonishing increase.
In the first two days of this week, the price of the currency experienced a significant retracement due to massive whale sell-offs, dropping to around 90800. It did not surge past the 100000 mark all at once, which was expected. However, I have managed to capture most of the space this month, and those who kept up are likely to have gained significantly.
Regarding the trend for December, here is my view: First, we need to pay attention to the Federal Reserve's decision on interest rates on the 9th. The U.S. economy is steadily growing, and concerns about a slowdown in the labor market have temporarily been set aside. The crux of the debate in the market currently lies in how much the Federal Reserve will lower interest rates next year, in the absence of significant improvement in inflation data. There is still over a 60% probability of a 25 basis point rate cut in December!
Secondly, after Trump takes office, will he be able to implement a series of economic stimulus measures and favorable policies for the cryptocurrency sector as he mentioned before the election? Will these policies be successfully enacted? The gap between what Trump said before gaining control of the White House and the actual policies implemented remains to be seen, but there is a consensus that his various versions of tariff policies will exacerbate inflation.
This could be a challenge for the Federal Reserve, as it has been struggling with stubborn price increases. From the Federal Reserve's perspective, stronger economic growth, a stronger labor market, and higher inflation... Therefore, all these factors combined will inevitably have a hawkish impact on the Federal Reserve's outlook.
Sell batches near 96500-96000, targeting above 98500.
Ethereum near 3680-3650 for batch selling, targeting above 3800.
