Yueying: Bitcoin and Ethereum Market Analysis for November 20th - The Delayed Non-Farm Payrolls Report Will Bring a New Landscape
Bitcoin Technical Analysis — Bitcoin broke below 90,000 again yesterday, hitting a new low before rebounding quickly. The short position at 93,100 mentioned above has only moved a little over 1,000 dollars. Looking at the daily chart, the candlestick formed a double bottom, and the price opened higher again, testing the 7-day moving average before encountering resistance and entering a correction phase. The Bollinger Bands are trending downwards, and the moving averages continue to maintain a bearish alignment. The MACD fast and slow lines are extending downwards with decreasing volume. The KDJ indicator is turning upwards, and the VR indicator is consolidating around the 50 value. The RSI continues to oscillate in the overbought zone. Looking at the 4-hour chart, the price action continues its downward oscillation, testing the lower Bollinger Band before finding support and rebounding. Currently, it is encountering resistance around the middle Bollinger Band. The Bollinger Bands are showing signs of narrowing again. Short-term moving averages are turning flat. The MACD fast and slow lines are crossing upwards again with increasing volume. The KDJ indicator is crossing upwards, and the VR indicator is consolidating around the 60 value. Overall, the market continues its weak and volatile structure. Yueying's view remains unchanged: when the market hits new lows, one should not blindly chase them. Every new low is accompanied by a rebound. The non-farm payroll data, including the unemployment rate and initial jobless claims, will be released at 9:30 PM tonight, which is expected to bring about a volatile market. Currently, the technical resistance is around 94,000. Given the impact of news, pay attention to the resistance below 95,000 and the support above 90,000. See short-term suggestions. Bitcoin short-term suggestions: short at 94,800, long at 90,500. Ethereum briefly broke below 2900 before returning above 3000. The overall technical structure is consistent with Bitcoin, maintaining a weak and downward volatile trend. Last night's low was quite dramatic. When analyzing on the 18th, the expected entry point was 2878, but it was a day late. Considering news factors, pay attention to the 3200-2900 range today. See short-term suggestions. Auntie's short-term trading advice: Buy at 2950, sell at 3155 (Click the image to see the homepage introduction for more currency analysis) — I am Zhou Yueying.