November 1 Market Analysis

Yesterday, as we mentioned, Bitcoin began a sustained downward wave from a triangular consolidation pattern.

Looking at the market analysis, let's get straight to the point;

From a technical indicator perspective; the MACD on the daily chart shows signs of a downward correction. The 4-hour level's decline and correction have not yet completed.

From the Bollinger Bands perspective; the 4-hour level's opening indicates that the market has not completely played out and no rebound signs have been observed. Therefore, it is not yet a good entry point for buying.

From the KDJ indicator perspective; on the daily level, a death cross formed quickly yesterday and has not yet entered the oversold region, so we will continue to observe.

From the EMA indicator perspective; the support of EMA200 at the 4-hour level is around 66400 as time goes by.

From the naked candle pattern perspective; after the triangle breakout on the 1-hour level, a head and shoulders pattern formed with the head and right shoulder around 67000.

Thus, the short-term trading strategy remains to sell on highs;

BTC; 69700~sell Target 67400 Defense 70888

ETH; 2525 sell Target 2448 Defense 2555#BTC☀