In-depth analysis of the cryptocurrency market on November 10

Market review:

Bitcoin (BTC): BTC price showed significant volatility yesterday. After an initial slow rise, the price quickly surged to $38,500, but then encountered a correction, hitting as low as $35,300. Such violent price fluctuations may reflect market uncertainty and intense competition between bulls and shorts. Currently, BTC price is stable around $36,600, showing some signs of recovery.

Ethereum (ETH): ETH’s performance yesterday was equally impressive, with the price rising sharply from around $1,880, eventually breaking through the key resistance at $2,100, rising by more than 12%. This strong upward momentum stems in part from the positive market reaction to BlackRock’s possible application for an Ethereum spot ETF.

technical analysis:

On the four-hour chart, BTC’s Bollinger Bands are opening and running, and the K line continues to climb along the upper track, indicating that bulls have the upper hand in the short term. However, the daily chart shows a longer upper shadow, suggesting there may be selling pressure at the highs.

ETH’s technical chart also shows strong upward momentum, but after consecutive sharp gains, the market may need a period of adjustment to digest these gains.

Trading strategy suggestions:

BTC: Consider going long near $36,050 with targets between $37,200 and $37,800. If there is a correction in the price, you can consider placing a short order at the $37,300 level with a target of $36,000.

ETH: Consider going long near $2,075 with a target of $2,100. If the price pulls back, short orders can be placed near $2,130 with a target of $2,080 to $2,050.

Although both BTC and ETH show strong bullish trends, everyone should pay close attention to market dynamics and be alert to the occurrence of black swan events. In the current market environment, it is crucial to maintain appropriate caution and good risk management strategies.