11.17 Has the bear market in the cryptocurrency circle begun? This week's latest predictions and analysis for BTC and ETH.
Looking back now, when Bitcoin was at 120,000, there were already signs showing that the Bitcoin bull market had ended. Friends familiar with the cryptocurrency circle know that every halving event leads to a bull market, and the end of a bull market is usually followed by a sharp decline. Therefore, once Bitcoin breaks below 90,000, it is essential to pay attention, and further declines could expand to around 75,000. Currently, although the price is significantly lower than before, it is still not the right time to buy the dip and expect a bullish price trend. In the short to medium term, the trend will likely continue to develop weakly.
From a technical perspective, the current trend shows that the daily chart indicates a continuous decline in prices, forming a series of bearish candles, overall presenting a weak pattern. On the hourly chart, after a pullback from a high, the price is consolidating and currently the candlestick is within a small fluctuation range, with no obvious reversal signals. The MACD indicator on the hourly chart shows that both the DIF and DEA are negative and gradually declining, with the MACD histogram's green bars expanding, indicating that bearish forces are dominant. The RSI on the hourly chart is at 32, close to the oversold area, but has not yet entered extreme oversold conditions, indicating a short-term technical rebound demand. The EMA on the hourly chart shows a bearish arrangement for the 7, 30, and 120 moving averages, with the price operating below the EMA7, indicating a downward trend. The EMA on the daily chart also shows a bearish arrangement, further confirming the overall weakness, and this week's operations will continue to focus on shorting at rebound highs.
Bitcoin trading strategy:
1. Sell from 95600-94800, stop loss above 96600, target 92000-91000
2. Short buy from 90500-91500, stop loss below 89500, target 93000-93800
Ethereum trading strategy:
1. Sell from 3150-3100, stop loss above 3200, target 2850-2800
2. Short buy from 2800-2840, stop loss below 2750, target 2930-2980
[The above analysis and strategy are for reference only. Risks are to be borne by yourself. The article's review and publication may have delays, and the strategy may lack timeliness. Specific operations should follow your real-time strategy.]
# Do you think the market will go up or down today? $BTC $ETH
