Zhou Yanling: Bitcoin's Sudden Plunge on November 26 - Is the Bull Market Over or Are We Building a Bottom Again? The Deep V of Ethereum Indicates More Volatility Ahead
Recently, if you have just opened a position in Bitcoin, it is only suitable for short-term trading and not recommended for long-term holding, especially not to chase any accelerated market movements. Also, do not seek trading resistance at the first moment during acceleration, as volatility has already begun to increase. You can see from the recent market actions that after each quick pullback, it rebounds to the previous high point before starting to fall again, repeatedly wearing down market sentiment. It is impossible for Bitcoin to break through the 100,000 mark in one go; it will definitely face resistance and pull back as it approaches 100,000, and this process will take some time. Currently, we are in this process, so everyone needs some patience. On Monday, the European and American markets experienced a significant pullback, with a retracement space of over 4,000 points that should not be underestimated. This waterfall drop broke the previous support at 95,500, so in the short term, everyone needs to pay close attention to the upper level of 97,200, which is a critical point for bulls and bears. If the short-term rebound cannot break through and stabilize here, short-term bears will strike again. In terms of operations, you can go with the trend, continue to capture high-level short positions, and temporarily hold off on long positions.
On the Ethereum side, the volatility has also been quite intense these past few days, and it has started to heat up. Last night's deep V movement was particularly exciting, and on November 23, it also saw a long bullish candle, breaking through the previous high near 3,498. However, it failed to sustain the upward momentum. The strong rebound in last night's deep V is expected to face resistance and come down again, so those looking to chase long positions should not rush; it might be better to wait for a pullback opportunity to re-enter. Currently, both the DIF and DEA are positive, and the MACD histogram has turned from negative to positive, indicating signs of strengthening bullish momentum. The RSI14 is close to the overbought area, currently at 64.27, indicating short-term pullback pressure. Currently, both sides of Ethereum are fiercely competing, and the overall trading volume has shown an increasing trend recently, especially when prices rise with significant trading volume, so be cautious of the risks of chasing highs.
Bitcoin Trading Strategy for November 26:
Short at 97,000-96,500, stop loss above 97,500, target 95,500-94,900, continue to look for a downward move towards 93,700.
Long at 94,000-94,600, reserve space for additional purchases near 93,400, stop loss below 93,100, target 95,500-96,100.
Ethereum Trading Strategy for November 26:
Short at 3,535-3,500, stop loss above 3,575, target 3,420-3,380, continue to look for a breakdown towards 3,310.
Long at 3,360-3,400, reserve space for additional purchases near 3,310, stop loss below 3,280, target 3,470-3,510.
【The above analysis and strategies are for reference only. Please bear the risks yourself. The article's review and publication may have delays, and the strategies may not be timely. Specific operations should follow Yanling's real-time strategies.】
This article is exclusively shared by senior analyst Zhou Yanling (WeChat public account: Zhou Yanling). The author has been engaged in financial market investment research for over ten years and currently mainly analyzes and guides BTC, ETH, DOT, DOGE, LTC, FIL, EOS, XRP, BCH, ETC, BSV, and other cryptocurrency contract/spot operations. For more real-time community guidance, consultation on position liquidation, and learning trading skills, you can follow the teacher's public account: Zhou Yanling to find the teacher.
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