Trader Gu Jingci: Bitcoin/Ethereum Trading Strategy and Market Analysis for November 3

During yesterday's rally in Bitcoin/Ethereum, short positions were entered decisively. The price then retraced and fell sharply to around 76,500 and 2,235 respectively, resulting in a decent profit margin for the shorts. Currently, the market has entered a narrow-range consolidation phase. Going long is risky due to potential upside, while going short carries risk of further downside—just like how buying at lower levels earlier led to gains when prices surged. On the 4-hour chart, recent price action saw a large volume-driven bearish candle with a long lower wick, indicating some support below, but the overall trend remains downward. The latest candle is a small bearish bar with significantly reduced volume, suggesting weakening short-term downward momentum or a transition into consolidation. On the daily chart, a large-volume bearish candle with a long lower wick confirmed a sharp drop in the short term, yet the long lower wick hints at underlying buying interest. According to trading logic, after a violent sell-off with high volume, a rebound or correction often follows—making it unwise to chase short positions. The market remains in a tight range; patience is key until a breakout occurs. Trading suggestion: Enter long at 76,500–76,800 for Bitcoin, target 78,000; enter long at 2,230–2,245 for Ethereum, target 2,290. Analysis and strategy are for reference only—risks are borne by the individual. The article may not reflect real-time data; actual trades should follow live market conditions.