November 4th Afternoon Thoughts
From the MACD indicator on the 4-hour chart, the bearish strength has weakened, but it still exists. The market may continue to adjust or fluctuate in the short term. The KDJ line values are at a high level, indicating that the market is in an overbought state, with a potential risk of a pullback in the short term. The RSI is in a neutral to strong region, indicating a slight advantage for bulls in the short term, although market momentum is not strong. The Bollinger Bands show a slight opening trend on the upper and lower bands, suggesting that market volatility will increase. The current price is close to the upper band, and if it cannot effectively break through and stabilize, it may retreat towards the middle or lower band. From the MACD indicator on the 1-hour chart, the DIF line is slightly crossing below the DEA line near the 0 axis, showing signs of a death cross. The MACD green histogram indicates a slight increase in bearish strength in the market in the short term, presenting a pullback risk. The KDJ three-line values are hovering around 50, showing that the market is currently in a fluctuation phase, with unclear direction in the short term. The Bollinger Bands are slightly narrowing, indicating reduced volatility, and the market is about to enter a consolidation range, waiting for further breakout direction. The RSI is in a neutral to bullish area, and although the market slightly favors bulls in the short term, the momentum is not strong.
Bitcoin: 68400-68900 Long. Target 69500-70000
Ethereum: 2410-2450 Long. Target 2510-2550