November 9 evening market analysis:
Today’s overall market rhythm was very clear. After a sharp short-term oversold decline, a technical rebound and recovery were inevitable, but this is only a brief correction during the downtrend and cannot change the broader bearish trend. After this round’s key support level was decisively broken, bearish momentum in the market fully emerged. The downward structure is intact and showing strong continuation, with the trend’s center of gravity continuing to move lower. On the 4-hour chart, both MACD lines have remained in the weak zone below the zero line. DIF has continued to cross below DEA and diverge downward, while the bearish green bars have continued to expand—clear signs that sellers are firmly in control and downward momentum remains strong. After the sharp short-term drop, a normal rebound and recovery may occur. However, the high-volume trading zones formed during the prolonged sideways action over previous weekends—76,000–76,500 for Bitcoin and 2,200–2,240 for Ethereum—have now completed a support-to-resistance reversal and become strong resistance levels. Any subsequent rebound that reaches these zones is likely to encounter selling pressure and turn lower, extending the overall downtrend.
Short-term trading suggestions:
$BTC : Short near 74,700–75,200, target: 73,900–73,100
$ETH : Short near 2,135–2,160, target: 2,095–2,060
Today’s overall market rhythm was very clear. After a sharp short-term oversold decline, a technical rebound and recovery were inevitable, but this is only a brief correction during the downtrend and cannot change the broader bearish trend. After this round’s key support level was decisively broken, bearish momentum in the market fully emerged. The downward structure is intact and showing strong continuation, with the trend’s center of gravity continuing to move lower. On the 4-hour chart, both MACD lines have remained in the weak zone below the zero line. DIF has continued to cross below DEA and diverge downward, while the bearish green bars have continued to expand—clear signs that sellers are firmly in control and downward momentum remains strong. After the sharp short-term drop, a normal rebound and recovery may occur. However, the high-volume trading zones formed during the prolonged sideways action over previous weekends—76,000–76,500 for Bitcoin and 2,200–2,240 for Ethereum—have now completed a support-to-resistance reversal and become strong resistance levels. Any subsequent rebound that reaches these zones is likely to encounter selling pressure and turn lower, extending the overall downtrend.
Short-term trading suggestions:
$BTC : Short near 74,700–75,200, target: 73,900–73,100
$ETH : Short near 2,135–2,160, target: 2,095–2,060
