Chen Bin's Point of View: 11.23 Back and Forth High-level Volatility Continues, Rebound at High Levels Continues to Short!
Yesterday's short position was stopped out! But yesterday's market and positions cannot be used to measure today's market! Today, continue to short at high levels! Not afraid of millions of people blocking, only afraid of surrendering oneself. There is no smooth sailing on the trading road! It is impossible to unify everyone's thoughts and gain everyone's approval forever. The only thing that can be planned is the goal, and the only thing that can be executed is the plan. Stick to your own thinking and execute your own plan. Since Bitcoin broke through 38,000 on November 9th, it has been in a high-level volatility for half a month, with a roller-coaster market with large fluctuations. In the past half month, both long and short positions have been profitable. Greed and chasing orders are the key issues!
Especially in the past two days, there have been numerous news events and data, and the market has changed faster than turning a page! Today, although the daily K-line of Bitcoin closed with a large positive candle, it is approaching a strong resistance area. In addition, the continuity of the recent market is poor, and the upward breakthrough lacks momentum. It is expected to continue to maintain high-level volatility and consolidation within a large range! Even though there is a possibility of further short-term gains, it is not recommended to chase long positions here. The space is limited, and you can continue to enter short positions at high points. In the past half month, there has never been a long position arranged above 37,000! The recent trend in the past half month reminds me of the fluctuations in Bitcoin from the end of June to mid-July, but it has never been able to break through the 31,800-32,000 level. It has repeatedly failed to hold above 31,000 and then experienced a sharp decline! Recently, the daily chart has also repeatedly challenged the 37,000 level but failed to break through 37,800-38,000. After reaching above 37,000 several times, it has lost the momentum to continue to rise and cannot hold its ground!
So, it is not recommended to chase long positions today. Before this kind of trend changes, treat it as a fluctuation and follow through after the breakthrough! Now it has entered the high-level pressure area again. The points where we have shorted several times before should not be missed this time! And now the daily MACD is indeed crossing downwards, and the 4-hour chart still has not broken through upwards, which will create pressure for a triple top! Specific suggestions for today are as follows:
Short Bitcoin near the rebound area of 37,500-37,700, stop loss at 38,250, and short-term target is to see a break below 36,200-35,800. As for the medium-term layout, I continue to insist on shorting above 37,500 and looking for a retracement of at least 5,000U to below 32,000-30,888. Take the opportunity to do so!
If there were short positions trapped from yesterday and the position is large, it is not recommended to add to the position. Wait to reduce the position before looking at it. For positions that can still be added, consider adding short positions slightly above 37,500, and part of the added positions should follow the above suggestions!
As for Ethereum, it showed very strong performance yesterday, rising all the way without any retracement, until the daily chart pierced the downward resistance line and approached the high level near 2,100 before stopping! In short, today, do not chase long positions in Ethereum. You can short near the 2,100 resistance level!
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