Analyst Chen Shu: On November 4, Bitcoin and Ethereum rebounded and then retested downward, with a lower correction target at the 10.45 level.

From the daily chart of Bitcoin, yesterday closed with a large bearish candle, with the price dipping to the 10.5 level. The previous rebound failed at the MA10 daily moving average, and in the short term, it is expected to retest the MA256 daily moving average support at the 10.45 level. This level is a key bullish support area in the short term. Today, we continue to look for a retest of this level, while the resistance levels to watch for the rebound are the 1-hour MA30 daily moving average at 10.75 and the previous high resistance level above 10.8. It is recommended to short on the rebound today.

From the daily chart of Ethereum, yesterday also closed with a large bearish candle, with the price breaking through the previous low support. Currently, the previous support zone of 3750-3650 has been lost, and the lower support level to watch is the weekly MA30 daily moving average at the 3380 level. On the 1/4 hour level, the short-term price has been stabilizing around the 3550 level, so pay attention to the effectiveness of the support at 3550. The resistance levels to watch are the MA30 daily moving average at 3700 and the 4-hour MA10 daily moving average resistance level.

Afternoon trading strategy (writing time: 12:30):

BTC: Short at 10.75, add to short at 10.87 on the rebound, target 10.65/10.55; look for a long at 10.45/10.35 for a 2000-point rebound.

ETH: Short at 3660, add to short at 3750 on the rebound, target 3600/3500; follow Bitcoin for long positions.

The daily analysis strategy has a very high win rate! Analysis is not easy, so I hope everyone can give a free follow, save, like, and comment. Thank you all, and feel free to leave comments below; I will reply to each one.

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