11.18 BTC, ETH Evening Analysis: Trends Becoming Clearer, Focus on Short Positions
The recent market trend for Bitcoin has mainly been focused on short positions, and the overall direction has been very precise. The post already mentioned last night that the upper resistance is around 91800. Currently, it seems that the false breakout at 15:00 this afternoon has not stabilized, and the large bearish candle at 19:00 on the hourly chart clearly indicates a bearish trend, which aligns with the recent bearish perspective. On the daily chart, the overall direction continues to show lower highs, strongly bearish. If tonight's daily candle closes as a large bearish candle and breaks below the key support level of 87450, then we can expect a strong bearish trend and a significant drop, so let's wait and see!
From the 4-hour chart of BTC: After the close at 8:00 this morning, an upward trend line was formed. As mentioned yesterday, the market is within a triangular range. Currently, Bitcoin is above the 4-hour trend line, but the overall direction is below the daily trend line. During the day, it just touched the highest point of the daily trend chart before retracing downward. All other technical indicators are showing a bearish outlook, so shorting during a rebound is advisable. The shorting position will rely on the new technical indicator MA moving averages, as they are notably concentrated around the level of 90800, which is the most suitable point for shorting. The downward target is the level above the trend line at 89200. If this level is broken, we will look at the lowest point of 87450, as this position is a significant support on the daily chart that has not been broken for five consecutive days. As long as the overall direction breaks downwards, we can expect a strong bearish drop tonight.
BTC Evening Strategy: Short from 90800-901300, targeting around 89200!
ETH Evening Strategy: Short from 3105-3115, targeting around 3035!
