Track real-time hot topics in the currency circle, seize the best trading opportunities, today is December 4, 2024, Wednesday

Late at night, a heavyweight news like a giant stone into the water, causing waves in the Korean crypto world - the South Korean president issued an emergency martial law order. As soon as this news came out, the encryption market instantly fell into a collective panic situation of Take a Nosedive. Last night, affected by the sudden news, it was a roller coaster market, and now it's rebounding as a whole. BTC fell to a low of $93625 and is now reported at $96100, while Ethereum is now reported at $3628. Overnight, the U.S. stock market closed with mixed results, with the Dow falling 0.17%, the Nasdaq rising 0.40%, and the S&P 500 rising 0.05%, both setting new closing highs. Gold stocks generally rose, with JPMorgan Chase predicting that the price of gold will rise to $3000 per ounce next year. In addition, the November employment report will be released on Friday, when investors should follow the growth rate for two months, especially considering the risk of significant revisions to the October data. This may affect the monetary policy and sentiment of the Federal Reserve!
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The short-term trend has slightly declined and has entered the Rebound recovery trend. During the consolidation phase of the trend, do not easily consider the retracement in the short term as a reversal. In general, the direction remains bullish, with only a difference in the consolidation period. As long as there is no economic recession or black swan events, the fourth quarter of 2024 should be the most stable. However, there may be some volatility from Christmas to January 20th, and there is a high possibility of another wave of Favourable Information after January 20th. Based on historical cycles, it is usually after a big dump and Halving that the market gradually starts to rise in about six months. However, it does not mean that one can always make a stable profit when the bull market comes. Why is that? Everyone has different strategies and perceptions. In the future, more institutional investors will continuously get on board, which may pose more challenges for retail investors. Overall, the risks are relatively low until the second quarter of 2025. It is still necessary to focus on the monetary policy of the United States, whether the Federal Reserve will continue to cut interest rates, the trend of unemployment rate, and whether inflation will fluctuate.
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BTC probed lower and rose yesterday, completing a celebrity reversal. Currently stabilizing and expected to continue long positions in the short term. At this stage, whipsawing is the norm, but as long as the direction emerges, it will be clear. Continuing the downward trend in the evening, reaching as low as 93620 before long positions formed a oscillating recovery. After a step back, the price recovered to above 96000 in the early morning. Following the Long Wick Candle's downturn last night, long positions quickly provided recovery space, and now after the rebound, it is once again in a oscillating pattern. Recent rebounds have been accompanied by pullback or Long Wick Candle appearances. Correction is a process of energy accumulation. After effectively building a new support platform, a new rise will be launched. All the current consolidation actions revolve around moving laterally within a set range, using the tactic of exchanging time for the demand of energy accumulation for rise. It is suggested to maintain a layout that embraces pullbacks in the short term!
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Ethereum was also active during the day, hitting a Rebound from the trading hours low of 3557, and rising all the way to the evening high of 3673, followed by a pullback. The lowest point in the evening was 3504, which opened up a Rebound. The partial break signal and the accompanying selling pressure are more significant than yesterday. This means that the market may face some downward pressure in the short term. Subsequently, the longs regained lost ground, and now they have returned to the previous range. On the four-hour chart, a long hammer line with a long Lower Shadow was left below, sounding the horn of longs' counterattack. The hourly trend continues to shrink, and currently, the bearish momentum is weak. Therefore, the future trend will continue to be dominated by pullback and long positions.