In the morning, I judged that this rally was just a knee-jerk move after the midterm election-related bad news had been priced in, with no real positive fundamentals to support it. I set up short positions around 80,800 for Bitcoin and 2,430 for Ethereum, and clearly laid out the stop-loss and take-profit levels in advance. The move came late, but it came.
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币圈陈栋
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November 5 Early Market Analysis:
Bitcoin is now up to 81,100, and Ethereum has surged to around 2,450. The rally looks strong, but essentially this is a relief rally after the midterm election uncertainty was resolved and the bearish news was fully priced in. There is no solid positive news supporting the market and sustaining this rise. Prices have also reached previous resistance zones on the daily chart: selling pressure is heavy around 82,000 for Bitcoin and 2,480 for Ethereum, so prices could easily meet resistance and pull back in the short term.
Short-term trading suggestions:
$BTC : Short around 80,800–81,300, target around 79,900–79,000
$ETH h: Short around 2,440–2,460, target around 2,400–2,365
Bitcoin is now up to 81,100, and Ethereum has surged to around 2,450. The rally looks strong, but essentially this is a relief rally after the midterm election uncertainty was resolved and the bearish news was fully priced in. There is no solid positive news supporting the market and sustaining this rise. Prices have also reached previous resistance zones on the daily chart: selling pressure is heavy around 82,000 for Bitcoin and 2,480 for Ethereum, so prices could easily meet resistance and pull back in the short term.
Short-term trading suggestions:
$BTC : Short around 80,800–81,300, target around 79,900–79,000
$ETH h: Short around 2,440–2,460, target around 2,400–2,365