Morning Insights for Wednesday, November 13

Yesterday, Bitcoin once again launched an upward surge, aiming to recapture the previously lost ground and test the pressure around the 90,000 mark.

After several attempts, Bitcoin was unable to successfully break through that key level, resulting in a slight pullback.

However, it is worth noting that the market quickly reclaimed lost ground in a very short time, demonstrating the strength of the bulls and their tenacity.

From a technical analysis perspective, examining the 4-hour candlestick chart reveals that after two consecutive bearish candles, a strong bullish candle rose powerfully, successfully recovering the previous losses.

Nevertheless, regarding the current price trend, it is facing resistance again and has transformed into a bearish candle pattern.

This implies that in the short term, the market may still face a certain degree of downward pressure.

Even so, after conducting a deep and comprehensive analysis of the market’s overall direction, Lao Ma still maintains a positive and optimistic expectation that the bullish trend in the later market can continue.

Wednesday Operation Suggestions

Regarding specific operational aspects, Lao Ma's advice is: for Bitcoin, one can consider going long around the price level of 87,000, with a target price set around 88,500 - 90,000. If you want to delve deeper into the cryptocurrency space but find it difficult to get a foothold, and want to quickly understand information gaps, whether in contracts or spot, you can 👉 check out more in my profile.