Market analysis on November 16th: The big coin is showing a small turnaround and is expected to have a significant rebound. Keep an eye on the 4-hour timeframe for potential upward movement.

CN
2 years ago

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Bitcoin is still relatively strong. After falling to 34800 in the early hours of yesterday, it continued to rebound and directly broke through the previous high point. Yesterday, we also mentioned that if Bitcoin rebounds and breaks through 36700, it is highly likely to have a 4-hour rebound, and today is the first 1-hour rebound. It may continue to touch around 38000 here, and then have a second 1-hour pullback. After that, there is expected to be a third 1-hour rebound.

Overall, this 4-hour rebound is likely to reach around 38800-39500, and after that, there should be a daily level pullback. Patience is needed to wait for the final upward movement on the daily chart.

BTC

For short-term changes in the market, the article can only make predictions based on the market changes at the time of publication. Short-term players should pay attention to the latest market changes and use the information as a reference only.

1H:

1H Chart

On the 1-hour chart, yesterday's small rebound directly formed the first 1-hour rebound in the 4-hour rebound. The starting point of this 1-hour rebound is around 34800, and it should normally not have ended yet. There is still a 15-minute rebound needed to reach around 38000. Then, there will be a 1-hour pullback to around 36500, followed by a third 1-hour upward movement. This is shown by the yellow arrows in the above image.

However, it is important to be cautious about the possibility of a direct 1-hour decline to around 36000 here, followed by the construction of a 1-hour consolidation near 38000 and an upward breakthrough, as shown by the blue arrows in the image.

15M:

15M Chart

On the 15-minute chart, a 15-minute pullback is currently in progress, and it is almost time for this pullback to end. Normally, there will be a fifth 15-minute rebound to around 38000, followed by a 1-hour pullback.

An abnormal trend would be if it cannot stabilize around 37000, which could lead to a direct 1-hour pullback, as indicated by the blue arrows. However, for now, it is still advisable to continue to observe the 4-hour rebound, so there may be an opportunity for a short position during the 1-hour pullback.

ETH

ETH Chart

For Ethereum, it is expected to have the third 4-hour rebound towards around 2200. After this 4-hour rebound, we will observe whether it continues to extend upwards by forming a 4-hour consolidation or if it undergoes a daily level pullback.

ETH 1H Chart

On the 1-hour chart, the first 1-hour rebound here is not likely to have ended yet. The upper level to watch is around 2100, followed by a second 1-hour pullback and a third 1-hour rebound, or a more complex scenario of forming a 1-hour consolidation before extending the 4-hour rebound.

Similarly, it is important to be cautious about the possibility of a direct 1-hour pullback, and the support around 2000 should be monitored.

Trend Direction

Weekly Chart: Upward direction, currently continuing the rebound from 15476, waiting to see the subsequent daily chart situation for when it will end.

Daily Chart: Upward direction, the consolidation phase is still ongoing, with the support at 31000.

4-hour Chart: Upward direction, currently possibly running the final 4-hour rebound of the daily chart.

1-hour Chart: Upward direction, currently still in the first 1-hour rebound, with the next 1-hour pullback possibly retracing to around 36500.

15-minute Chart: Downward direction, if it can stabilize around 37000 in the short term, there should be a 15-minute upward movement. If it does not stabilize, there may be a 1-hour downward movement.

Feel free to follow my public account for further discussion and exchange:

Public Account

The article is time-sensitive, so be mindful of the risks. The above is only personal advice and is for reference only!

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