Market analysis on November 20th: Bitcoin has once again reached a new high, but the expectation is still mainly for fluctuations.

CN
1 month ago

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Bitcoin has once again reached a new high in the early hours of today, peaking above 94,000, indicating that the short-term trend remains strong. Personally, I expect a short-term upward fluctuation for about five to six days. During this period, there should be several 1-hour level structures, and it will likely test the 95,000 to 100,000 range before providing a 4-hour level correction.

Ethereum has been performing very weakly in recent days. While Bitcoin continues to reach new highs, Ethereum remains in a sideways consolidation. However, we can think conversely; during an overall upward trend, strength and weakness can switch at any time. When weakness reaches its extreme, a strong wave is bound to emerge. Therefore, I am optimistic about Ethereum having an opportunity for a rebound before the end of the month, with a target of 3,700 above.

BTC

Due to the rapid changes in the market, this article can only make predictions based on the market conditions at the time of publication. Short-term players should pay attention to the latest market changes, which should only be used as a reference.

1H:

At the 1-hour level, I tend to believe that there will be continued upward fluctuations here, unless it falls below 88,000 again, in which case a 4-hour correction should be considered. The current expectation is for a 1-hour level correction, with attention on the 90,000 area or around 89,500. After that, it will continue to extend upward. The upper target is the 95,000 to 100,000 range.

15M:

At the 15-minute level, the short-term trend is leaning towards a 1-hour level correction, with attention on the 89,500 to 90,000 area. Currently, if the 15-minute level correction falls below 91,500 again, it is considered that Bitcoin is undergoing a 1-hour level correction.

ETH

The 1-hour level structure that can be delineated for Ethereum in the short term is roughly as follows. It still belongs to the process of central consolidation. If it can retrace to around 3,000 or 2,950 to 3,000, it would be quite perfect, although it may not provide this retracement. Here, I still expect that after some consolidation, it is very likely to have a rebound towards around 3,700. The first target above is 3,450, and the second target is 3,700.

Trend Direction

Weekly Level: The direction is upward, currently undergoing a new weekly level increase, with an overall target of looking at 100,000+.

Daily Level: The direction is upward, with the daily level increase first looking to see if it can break through 100,000.

4-Hour Level: The direction is upward, with attention on the 95,000 to 100,000 range.

1-Hour Level: Consolidation, although a new high has been reached, it still leans towards 1-hour central consolidation.

15-Minute Level: The direction is downward, and a 15-minute level correction is expected.

Feel free to continue following my public account for discussion and exchange:

The article is time-sensitive, please pay attention to risks. The views expressed are personal suggestions and for reference only!

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