2024.11.18 Market Analysis
Bitcoin fell to a low of $88,722 in the morning, but it immediately rebounded after breaking through the one-hour level.
The price of 88,700 formed a strong support, and the market sentiment also slightly warmed up. Its trend rebounded and returned to above $90,000.
After repairing and sorting, the market formed a range. In the future, we should focus on whether the position of $90,000 can stabilize.
If there is a sharp decline, it is likely to touch around 93,000 first, and there is a possibility of a small new high.
The reason is actually not difficult to understand, that is, let the long orders burst first, and then let the short orders burst!
The short-term market is still in a consolidation state, and the operation idea is still to maintain a low position.
Ethereum is suppressed by 3250 above, and the current trend remains oscillating in the range around 3110. The short-term market is more inclined to fluctuate. There is no obvious sign of breaking at present. It is expected that this oscillating posture will continue for a while.
We should pay attention to the support level of 3000 below. If it falls below, the next support level is around 2900. At that time, we can consider building in batches.
