11.13 Friday midday: Latest BTC/ETH market analysis
Don't try to call the bottom in a downtrend. Bitcoin is now in a full-blown downtrend, plunging with consecutive bearish candles and no meaningful buying resistance. It has now broken straight through the 70,000 mark. A confirmed break below 70,000 is bound to trigger large-scale panic selling and capitulation. There are currently no signs that the decline is about to stop: we haven't seen a sharp downside wick after a rapid sell-off, nor any sign of volume drying up and prices stabilizing. Volume and price action are also behaving normally during the decline, and the MACD shows no divergence. This suggests the sell-off is healthy and forceful. Until there is a clear signal of a sharp drop followed by a downside wick and a reversal, be cautious about trying to buy the dip.
Ethereum is in even worse shape, having now broken below the key support level of 2,000. On the daily chart, after making a big move, it has returned to its starting point and is trading back within the consolidation range below. This means the entire 1,510–1,982 range is now in play for ETH. Don't think that level is still far away—ETH has never disappointed when it comes to falling.
Unless the bulls can drive a strong rally on high volume and reclaim and hold above 2,000, ETH remains extremely weak, and any rebound is an opportunity to short.
In a downtrend, every rebound is an opportunity to enter a short position. If you're aggressively chasing the decline, make sure you have a stop-loss in place and keep your position size under control.
BTC: Look to enter shorts near 69,000–69,800 if the rebound meets resistance; targets: 68,400 → 67,500
ETH: Look to enter shorts near 1,955–1,985 if the rebound meets resistance; targets: 1,910 → 1,850
$BTC
$ETH
$XAU
#加密美股齐跌，下轮反弹的驱动力在哪？
Don't try to call the bottom in a downtrend. Bitcoin is now in a full-blown downtrend, plunging with consecutive bearish candles and no meaningful buying resistance. It has now broken straight through the 70,000 mark. A confirmed break below 70,000 is bound to trigger large-scale panic selling and capitulation. There are currently no signs that the decline is about to stop: we haven't seen a sharp downside wick after a rapid sell-off, nor any sign of volume drying up and prices stabilizing. Volume and price action are also behaving normally during the decline, and the MACD shows no divergence. This suggests the sell-off is healthy and forceful. Until there is a clear signal of a sharp drop followed by a downside wick and a reversal, be cautious about trying to buy the dip.
Ethereum is in even worse shape, having now broken below the key support level of 2,000. On the daily chart, after making a big move, it has returned to its starting point and is trading back within the consolidation range below. This means the entire 1,510–1,982 range is now in play for ETH. Don't think that level is still far away—ETH has never disappointed when it comes to falling.
Unless the bulls can drive a strong rally on high volume and reclaim and hold above 2,000, ETH remains extremely weak, and any rebound is an opportunity to short.
In a downtrend, every rebound is an opportunity to enter a short position. If you're aggressively chasing the decline, make sure you have a stop-loss in place and keep your position size under control.
BTC: Look to enter shorts near 69,000–69,800 if the rebound meets resistance; targets: 68,400 → 67,500
ETH: Look to enter shorts near 1,955–1,985 if the rebound meets resistance; targets: 1,910 → 1,850
$BTC
$ETH
$XAU
#加密美股齐跌，下轮反弹的驱动力在哪？
