Today is Saturday, November 8th. Let's take a look at how to approach the upcoming market.

First of all, the reason we judge this wave as a low long market is that there has been a bottoming signal on the daily chart, and the Bollinger Bands on the daily level are narrowing. Therefore, we believe that yesterday's market movement was definitely a bullish trend. Similarly, from the 12-hour level, after the bottoming signal appeared, the final result was also a spike and a rally.

Currently, the resistance level has reached the middle band of the 12-hour chart, so we need to observe whether the price can stabilize above the middle band. Once the 12-hour close is above the middle band, the bullish trend will continue today. Our low long strategy remains unchanged. From a smaller timeframe perspective, the price has risen from the lower level of 3200 and has broken above the 3-hour moving average. As of now, the price is constrained by the support of the 3-hour moving average and the resistance of the 4-hour moving average, but the 4-hour level leans towards a breakout. Therefore, in our layout, we are giving aggressive small long positions from the lower levels, with Ethereum currently priced around 3,440. We have already started to position ourselves when the price was around 3,440.

Currently, the price is constrained between the 15-minute support at 3420, 3430, and the EMA moving average pullback support, running between the 4-hour moving average resistance at 3460. Due to the daily level showing a TD and multiple levels indicating a bottoming pattern, both the 6-hour and 4-hour levels have shown bottoming patterns. Therefore, we will continue to focus on low longs as the main strategy, with high shorts as a supplement. What we need to pay attention to now is the breakout situation of the 4-hour moving average and the 12-hour Bollinger middle band.

Once stabilized, the price is expected to continue rising to 3,530-3,550. If it breaks above the 4-hour moving average, it will head towards the resistance levels of 3550 and 3530.

Thus, the first short position should be laid out between 3550 and 3570, with a stop-loss at 3590. Whether in the larger or smaller cycles, try to keep the stop-loss within 40 points. A continued breakout above 3590 will extend the bullish trend to between 3,650 and 3,670, with a stop-loss at 3,690. Currently, we need to focus on the 15-minute moving average pullback for long positions, with aggressive entry at the 15-minute, 30 moving average position. A more conservative approach would be to look for support at the 3-hour, 4-hour, and 6-hour levels around the Bollinger middle band, targeting 3370-3380 for long positions with a stop-loss at 3350. If the 3350 or 3360 levels are lost, we will have to return to the long positions we laid out yesterday at the levels of 3,270-3,290.

Overall, our outlook is bullish as the daily level shows a bottoming pattern and a bottoming signal. Therefore, in the smaller cycles, we focus on low longs as the main strategy, with high shorts as a supplement. Try to minimize short positions, and if the price breaks above, we will consider laying out short positions only if it falls below previous lows in the smaller timeframe. Otherwise, we will patiently wait to short near 3,530-3,550.

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