Friday finally brought some excitement to the crypto space! Some assets defied the trend with explosive gains to become dark horses, some rebounded on positive developments to recover losses, while others continued to slide, waiting for a bounce.Join Group +Q:3260353596
Dark Horse BCH! Soars 7%+ With Multi-Year Double Bottom, Really Has 65% Upside?
The standout performer on Friday was undoubtedly Bitcoin Cash (BCH), which surged over 7%, leading the pack among the top 100 crypto assets by market cap! This rally isn't without reason; the core catalyst is whales starting to accumulate again, with buying pressure picking up steam.
More importantly, BCH has formed a multi-year double bottom pattern—a strong bullish technical signal! According to crypto.news data, BCH gained 7.1% in the past 24 hours, hitting an intraday high of $585, up 28% from the November low and a staggering 118% from this year's lowest point.
Analysts are closely watching a key level: the neckline at $622.4. BCH's price is now just 6% away from breaking through this level. A successful breakout confirming the double bottom pattern could likely propel it towards $972, representing a potential 65% gain from current prices!
Besides whales, derivatives traders are also contributing. CoinGlass data shows BCH futures open interest surged 20% in the past 24 hours to $766.6 million, while the weighted funding rate dipped into negative territory. If the rally continues, it could trigger a short squeeze, forcing short sellers to cover their positions and giving BCH another boost.
Additionally, BCH has broken out of a multi-week descending trend channel, reclaimed the 50-day moving average, and its SuperTrend indicator has turned green—all clear signals that buying pressure is outweighing selling pressure. However, note that $541 is a crucial support level; if lost, the trend could reverse again, so don't get complacent~
SUI Rebounds and Recovers! Bitwise Applies for ETF, Approval Process Greatly Accelerated
SUI, which had been falling consistently, finally got some good news and bounced back! The reason is that crypto asset management firm Bitwise has applied to launch a spot ETF for the SUI token, submitting the S-1 form to the SEC on Thursday.Join Group +Q:3260353596
This is the first step in the ETF approval process. Under the new rules, the entire review is expected to take only about 75 days, much faster than the previous process which could take up to 240 days. And it's not just Bitwise; Canary Capital, 21Shares, and Grayscale have all applied for a SUI spot ETF. The decision on 21Shares' application is due before December 21st. If approved, it would be the first SUI spot ETF in the US.
Boosted by this positive development, SUI, which had fallen for two consecutive weeks, rebounded from its monthly low of $1.33 and was up 4.5% at the time of writing. Furthermore, Bitwise recently added SUI to its 10 Crypto Index ETF. Whether the rally continues will depend on the progress of the ETF approvals~
LTC Gets Hammered! Loses $80 Support, Bounce to $82 Possible? Bearish View Recommended
Compared to BCH and SUI, Litecoin (LTC) had a rough time. Moving in sync with Bitcoin, it plunged 7.5% within 5-hour window, hitting a new low of $72.64, and is currently hovering around $75.89.
Most critically, LTC bulls lost the long-held $80-84 support zone they had defended for two weeks, and buying power is notably weak. Even being included in Bitwise's 10 Crypto Index ETF did little to move the price. Technically, selling pressure has been persistent since the second week of October, and the On-Balance Volume (OBV) indicator shows that after initially being balanced, sellers have completely overwhelmed buyers.
However, there's a small opportunity: the liquidation heatmap shows liquidity around $73 has been cleared out, which could trigger a brief bounce, potentially around $82-83. But be cautious, this is likely just a rebound, not a reversal.
If a rebound tests the $80-84 zone later, this area will likely act as strong resistance and be difficult to break through. Therefore, maintaining a bearish view is recommended. If the price rebounds to these levels, consider shorting, with targets first at $66, and further down at the $59 support level.Join Group +Q:3260353596
Summary: In a Diverging Market, Focus on These Two Signals
1. BCH: Focus on the $622.4 neckline; a breakout opens significant upside. Consider going long only if the $541 support holds;
2. SUI: Follow the ETF approval timeline; the decision on 21Shares' application before Dec 21st is key;
3. LTC: Rebounds are likely selling opportunities; don't be fooled by short-term bounces. Keep a close eye on the $80-84 resistance zone.
The market is clearly diverging, with some assets hiding opportunities and others being traps.建议大家别盲目跟风,盯紧关键价位再动手。 (Advises everyone not to blindly follow the trend and to watch key levels before acting).
