December 5 Market Analysis: After Testing the Top, No Need to Fear Bottom Testing Next Week

Yesterday’s market saw BTC retracing all the way down from 94,200 without setting new highs. With the sharp pullback, the top pattern here is becoming increasingly clear, and this week’s task of probing the top is nearing completion.

With the OBV’s incremental movement not significant and the CCI still some distance from the zero axis, both indicators are telling us—next week will mark the start of a bottom-finding phase. There’s no need to fear this bottoming process, as this will be the range where the whales accumulate. Meanwhile, the OBV will move the moving average downward to create a new incremental pattern, and the CCI will gradually move toward the zero axis during the bottoming consolidation. Once the accumulation phase is complete, the price can return to the 0-100 upward range.

$BTC For BTC, today’s short-term resistance is at 93,600. If it holds above this level, there’s potential for a spike up to 94,600-94,800. If price reaches either of these levels, you can try opening short positions. There’s another resistance at 95,500, but I think it’s unlikely to be reached—just keep an eye on the first two resistance levels. For the first downside target in next week’s pullback, look to the 89,000 area.

$SOL For SOL, today’s resistance at 143 will be the dividing line between bulls and bears. If it holds above, watch for resistance at 145.5 and 148. On the downside, the first pullback target is the support at 132; after a rebound, the next pullback target is the support at 128.

$ETH For ETH, today’s focus is on short-term resistance at 3,210; otherwise, the next opportunity for shorts is up at 3,260. On the downside, the first pullback target is the 2,935-2,915 support range. During the pullback, also pay attention to the 3,030 pivot level, which could be a good spot to take partial profit on shorts for peace of mind.

To sum up, this week’s top-probing task is coming to an end. Once this pattern completes, indicators suggest a pullback will start next week. The post-pullback consolidation range will be the time for whales to accumulate. So there’s no need to fear this dip. After another rally, the daily BOLL will enter a narrow platform, which signals the start of a new trend, likely in early January.

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