Good morning everyone, today is November 20, 2025, at 9:40 AM. Let's begin today's market explanation and strategy analysis.

Let's first take a look at Bitcoin. Last night, I kept reminding everyone not to blindly short the market. Although the market has returned to roughly the same position as last night, the lowest point has already dropped to 88581, which is also the reason I advised against casually shorting. Currently, the market has rebounded after touching the lower Bollinger Band on the hourly chart, with the current price at 92520.

As per usual, let's first look at Bitcoin's financial indicators. From the Alligator indicator, Bitcoin is still in a downtrend. Whether it will consolidate and show signs of a turnaround can be seen from the Alligator indicator, which shows some warming signs.

Now let's look at Ethereum's Alligator indicator. The daily Alligator indicator is still pointing downwards, with a low of 2858 yesterday, but it did not break through, followed by a rebound. Ethereum attempted to test 2858 but was unsuccessful.

Overall, the Alligator indicators suggest that the market is still leaning bearish.

Let's start with Bitcoin. From the 4-hour chart, it has now broken through 91858 and is attempting to break above the middle Bollinger Band.

If you are looking to short at this position, the take-profit point can be set around 91858. The current price is in a neutral position. From the 4-hour chart, the market may pull back, forming a long upper shadow green candlestick, or it may show a bullish candlestick. Another scenario is that the price continues to rise, reaching 95506, as 95700 is a resistance level, and it would also be possible to short from this position. If the market continues upward, the next target is 98145, and further up is around 99000.

However, from the current daily candlestick, it is unlikely to rise that high. Nevertheless, as the MACD bullish momentum gradually strengthens, the market has already seen some upward movement. Therefore, if everyone sets their stop-loss properly, you can try shorting, with the take-profit point set at 91858 as a short-term target.

From the 2-hour chart, the current trend is more optimistic than the 4-hour chart, having reached the upper edge of the downtrend. You can short directly at this position, with the take-profit point referencing the middle Bollinger Band, which is around the lower shadow of the 2-hour chart, approximately at 9150 or 9153, providing about 1000 points of profit potential to consider.

On the hourly chart, the current price is already close to the last peak. If the price drops at the 93700 position, the bearish space will further expand. If a double top forms and cannot break through, it indicates strong resistance above, at which point you can look to short, with the target referencing around 87000, which may break the previous low. A double W bottom has already appeared, with two lows around 89000 and 88000, followed by a rebound, which aligns with the technical movement of the candlestick.

The 30-minute chart also shows that the 93700 position is about to be reached, and the current operational thought process is quite clear:

• You can short around 92500;
• If you need to add to your position, you can do so at 93500;
• The medium-term target references the middle Bollinger Band, looking down about 1000 points, around 91500 or lower;
• Set the defensive position near the previous low of 88000.

If the price breaks through the previous high of 93780, you can flexibly adjust your strategy, and specific situations can be communicated.

Regarding Ethereum, back to the 4-hour chart, the strong resistance levels are around 3100 and 3030. Before 3030, there is also the middle Bollinger Band at 3070. If you are looking to short now, you can reference these resistance levels.

You can consider shorting between 3070 and 3100, as it is expected to be relatively smooth since bullish momentum has just begun to show, and another wave of increase is anticipated. The 2-hour chart shows that the bearish trend is gradually weakening. If the next 2-hour chart rises above the middle band, meaning breaking through 3058, you can directly short at this position, which is considered a relatively high point. Another high point is between 3160 and 3150, which can also be seen on the hourly chart, showing a similar trend to Bitcoin, gradually rising after solidifying the bottom, and then pay attention to whether the previous high of 3150 can be broken.

Overall, the operational difficulty for Ethereum is greater than for Bitcoin. Ethereum fluctuates about 100 points each time, and it is now clear that Ethereum will first rise, testing the middle band, and then testing the upper middle Bollinger Band, with the target being a doji star pattern, followed by attention to the upper band's previous high. After testing the previous high last night, it fell back, and operations should follow this trend. Ethereum fluctuates daily by over 100 points, and for Ethereum, 15 to 20 points can be operated independently.

Currently, the strategy for Ethereum is different from that for Bitcoin. Bitcoin has already reached over 90,000, providing ample room for adding positions, but stop-loss for Ethereum needs to be more cautious.

Position suggestions should be controlled within a smaller range, with take-profit points set around 30 to 50 points. If the market moves in the right direction, it can be appropriately relaxed to 50 to 100 points.

Specific operational suggestions are as follows:

• First, go long and follow the trend for a wave;
• After the long position ends, then layout short positions at the previously mentioned support and resistance levels;
• If it breaks through 3100, adjust the strategy flexibly based on the actual situation.

That concludes today's overall market analysis. We will continue to follow up tomorrow morning.

11-20 Morning Layout Sharing

Bitcoin: Short at 92500-93500, take profit at 91500-90500-89500

Ethereum: Short at 3050-3000, take profit at 3020-3000-2950-2900

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