Interpretation of cryptocurrency market on Nov 24 2022
Yesterday the market extended the rally. The current market has reached a challenging stage in defining whether it is a rally or a reversal. Put in two months ago, we can still firmly say that time is still early, unlikely to be a reversal, but now there is no absolute certainty.
For the judgment of the fundamentals, we still have to continue the judgment of the first quarter of next year before the possibility of stopping interest rate hikes if the market runs smoothly and keeps the oscillating trend until the end of the year. Subsequently linked with the fundamentals to open the first wave of the bull market. This kind of market is the biggest grasp. But FTX's thunderstorm accelerated the change of hands of chips and also incidentally cleaned up several leveraged funds. The process of the bear market was accelerated, so the signals of the bull market start now. And there is also a larger bottom in US stocks. This is also a piece of information that needs extra attention.
As mentioned in yesterday's article, there are clear signs of an ETH bottom. And ETH is more likely to drive the market up in general than BTC. So no matter long-term or short-term, you should be long. So far, the market continues to rise generally. Even if yesterday's entry looks like chasing high, there is already a profit margin to raise the stop loss line. As long as the link of risk control does not slacken, the current go-long will be fine.