Chen Bin's Point of View: Bitcoin's Rebound on November 28th Might Just Be a Feint, Ethereum Continues to Weaken!
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Overnight, Bitcoin continued to rebound and consolidate after touching support in the early morning, forming a small-scale rebound trend. However, the strength was not significant, and the retracement to 36700 in the early morning happened to be the support position of the weekly MA5 and the daily midline. The rebound may be somewhat affected by the continued pullback of the US dollar, but this impact should not be significant. It's just that the speed and strength of the downward movement led to the continued rebound correction of Bitcoin.
In recent days, there has been no news to stimulate the market, and the overall trend has been relatively stable, with oscillations and retracements. After breaking through the high point of 38400, a short-term retracement trend formed. The retracement last night was acceptable, but it occurred in the early morning. And as it approached the support area of the weekly and daily lines, the rebound was reasonable. Therefore, we did not chase after it, but instead reduced short positions in the short term and will short again on the rebound!
Note that after this morning's rebound, it did not hold at a high level, but instead continued to fall based on yesterday's high point in the US session. This decline weakened the strength of the rebound. The rebound in the Asian and European sessions is not strong, so this rebound is just a feint and does not carry much significance. There is no need to rush to chase orders, and it is not advisable to chase long positions. It is better to focus on shorting on the rebound!
After relying on the 37800-37500 level on Sunday and yesterday, Bitcoin rebounded today but still faces pressure below 37500. The weakness in the Asian and European sessions indicates a high probability of a continuation of the decline in the US session, similar to last night. The conversion of the top and bottom below is a crucial support. If it falls below 36500, a larger adjustment will be imminent!
As for Ethereum, every time it rebounds slightly, it continues to fall. From last week's 2135 to around 1985 after several days of decline, the current rebound is not strong after breaking through the support of the daily 5 and 10 moving averages. The continuous decline is also affected by the fundamentals, causing the price of Ethereum to decline from its high point. Today, it is still advisable to follow the short position with 2050 as the pressure point, as the temporary rebound is not strong enough to confidently participate in chasing long positions.
Suggestions for the evening of November 28th:
You can continue to hold short positions from this morning at 37350 and the previous 37500-38000 range. It is suggested to directly short at the current price of 37230 in the evening, with a stop loss at 37850. The short-term target is to reduce positions when it reaches the 36500-36000 range, and if it falls below, hold at 35300-35000 for the time being.
Short Ethereum at 2026-2030, with a stop loss at 2070 and a target of 1960-1920. If it falls below 1920, it may return to 1850-1800.
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