November 16th Bitcoin and Ethereum Trend Analysis and Trading Strategy!
From a daily chart perspective, Bitcoin broke below the bottom of its trading range at 101,000 and fell to around 94,000. This level can be considered a short-term support. The strong resistance above is now the previous bottom of the trading range at 101,000. Therefore, if the price rebounds to the 100,000 mark, do not blindly chase the price and assume a trend reversal. A true reversal only occurs if the price breaks above 101,000. Ethereum also broke below the bottom of its trading range at 3280-3300 and fell to a previous low around 3050. This level can also be considered a short-term support. The strong resistance above is also now at 3280-3300. Similarly, a break above this level is the reversal signal. On the 4-hour chart, Bitcoin has continued its decline after breaking below the 100,000 level. It's currently consolidating in the 94,000-97,000 range. A break above this level would test the 100,000 resistance. A break below this level could see it fall to 93,500-92,000. Ethereum's overall decline has been smaller than Bitcoin's. It hasn't broken below its previous lows and is consolidating in the 3100-3250 range. A break above this level could see it reach 3400, while a further decline could see it fall to 3950-3800. As mentioned before, the strategy before a breakout is to buy low and sell high within the consolidation range. After a breakout, follow the trend. Currently, the price is at the top of the consolidation range; therefore, short positions should be considered until a breakout occurs. Trading Strategy: Short Bitcoin at 96500-97000, target 95000-94000, stop loss above 97500; Short Ethereum at 3230-3260, target 3150-3100, stop loss above 3300. These strategies are time-sensitive; please refer to the homepage for details and receive private real-time guidance.