Xiang Li: December 4th Morning BTC & ETH Operations and Analysis

In the previous analysis, we mentioned that currently, due to favorable macro news, BTC remains in a bullish state, keeping up its momentum. However, this has caused the market to be in an overbought condition in the short term, with signs of a pullback. That said, the medium-term bullish momentum remains robust, with a parallel upward trend, so those going long need not worry too much. On the hourly chart, we can clearly see the KDJ indicator’s J value is moving along the boundary of the strong/weak zone, with no sign of a sharp drop; on the contrary, there are signs of a reversal. Meanwhile, the RSI indicator has not been affected by the pullback and continues to operate in the strong zone. This all indicates that while there may be a technical pullback in the short term, the overall uptrend remains trustworthy!
Currently, 93,800 is the first resistance level BTC needs to break through. If it stands firm and breaks through, then there will be opportunities for further moves to 94,200 and 95,800. Conversely, if it pulls back, you can consider going long in the 92,900, 92,500, and 92,200 range. However, be cautious of the 91,700 level; if it breaks below this, consider stopping loss! Meanwhile, ETH’s situation is better than BTC’s, as it is in a one-sided upward trend. If it can continue to test and break above 3,250, the upside potential will be significant. The 3,180, 3,110, and 3,070 levels provide strong support. Likewise, be cautious of the 3,030 level; if it breaks below this, consider stopping loss!
For BTC, consider going long in the 93,000-93,500 range, with a target near 95,000.
For ETH, consider going long in the 3,170-3,200 range, with a target near 3,270.

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