November 4 morning market analysis:
On the four-hour chart, price previously surged to the upper Bollinger Band before encountering resistance and pulling back. Several consecutive bearish candles then probed lower, and the decline was finally caught and stabilized near the lower band. The Bollinger Bands have now narrowed considerably and are generally flattening out, while the short-term moving averages are also trending downward. The MACD lines had formed a death cross and moved lower, but are now showing signs of turning upward and recovering; the corresponding volume bars are gradually shrinking. After falling to a low near 0, KDJ found support and began turning upward. The VR indicator has been moving sideways around 70. Taken together, the indicators suggest that the market remains weak. Price is still confined to its existing channel and moving back and forth, with no clear signal of a reversal or renewed strength yet.
Short-term trading suggestions:
$BTC : Sell short around 77800–78300, target: around 77000–76300
$ETH : Sell short around 2295–2315, target: around 2255–2220
On the four-hour chart, price previously surged to the upper Bollinger Band before encountering resistance and pulling back. Several consecutive bearish candles then probed lower, and the decline was finally caught and stabilized near the lower band. The Bollinger Bands have now narrowed considerably and are generally flattening out, while the short-term moving averages are also trending downward. The MACD lines had formed a death cross and moved lower, but are now showing signs of turning upward and recovering; the corresponding volume bars are gradually shrinking. After falling to a low near 0, KDJ found support and began turning upward. The VR indicator has been moving sideways around 70. Taken together, the indicators suggest that the market remains weak. Price is still confined to its existing channel and moving back and forth, with no clear signal of a reversal or renewed strength yet.
Short-term trading suggestions:
$BTC : Sell short around 77800–78300, target: around 77000–76300
$ETH : Sell short around 2295–2315, target: around 2255–2220
