Good evening, friends. If you are still reading this article, it proves one thing: you are unwilling to accept being trapped! You are frustrated that the market has taken away your funds, so you clicked on my post. I want to say that either you don't have a mentor, or your mentor is not effective. Why not chat with me? I might be able to help you. As an analyst with many years of investment experience, I have gone through similar market conditions many times, and I can guess your current mindset is probably quite close to the truth. Don't resent the market, and don't blame yourself. When investing, we all aim for profit, and I understand that. But if you are losing, the reason is simple: you want to win in this market. Things often don't go as we wish in this world. A strong desire for profit can subtly change your mindset.
Last night's September data was very disappointing! High employment population, high unemployment rate; these two data points seem to be in conflict, twisted together! The market is also in a state of panic, with U.S. stocks suddenly turning around in the early hours, and Nvidia was pressed down. As for Bitcoin? It remains the same: only falling, not rising, sinking like a leaky boat! What's even more frustrating is the Federal Reserve, which jumped out to educate the market! Now, CME shows that the probability of a rate cut in December is less than 40%, yet the market still clings to a wishful thinking mindset, unwilling to accept the reality that "there may not be a rate cut in December at all"!
November 21 Bitcoin Evening Trend Technical Analysis
Currently, there is no support below in the short term, and there is a possibility of breaking down at any time. As of the time of writing, the lowest price of BTC has reached $80,600. From the weekly chart, BTC has now formed four consecutive bearish candles. The major support below to watch is the 120-day moving average at $74,500. Some analysts are misleading: "Buy the dip below 90K." I advise you to check your pockets—do you have enough bullets to last 3 to 6 months? This round of correction is a cyclical deep bear market that occurs every four years, not the two to three months of small corrections from the end of 2022 to April this year, which I call a stroll; now this is a rapid decline! To be clear, the long-term bearish target for Bitcoin is around $74,500, with short-term plays around $85K, $83K, and $81K. $74,500 can basically be locked in as the second phase bottom. Spot traders can try to buy a position here, but remember: run as soon as there is a rebound of 5,000 points! Don't dream of waiting for 100K or 150K to exit; those who dare to be "long-term investors" in a bear market will be clearly arranged by the market!
Now let's talk about Ethereum; the rebound strength is about to peak! Even if they try hard to push it up today, it is unlikely to exceed 2926 to 2960. Yesterday, the highest during the day was only 3060, and at night it hit a new low, with prices above 3000 slowly becoming the top range! If it can't get past 2960, then it will be the top of the 1000-point drop range from 2960 to 2000! If it breaks below 2700, it will slide to 2526 to 2480; if 2372 is breached, it will directly head towards 2112 to 2050! If during this period there is a major negative event, like a sudden interest rate hike, Ethereum will have to adopt a needle mode, making you experience a roller coaster of emotions!
To put it simply, dropping from 3200 to 2800, if 2800 can't hold, it will crash to 2388 to 2088, then it will pull back to 2788, and then fall to 2000—this is Ethereum's script! In the short term, all rebound highs are likely to be the highest points in the coming months. If it can't break 3000 from today to the weekend, then 2926 to 2960 will completely become its ceiling!
Therefore, even though the price of Bitcoin continues to fall, and many self-media outlets keep promoting the investment value of Bitcoin, I still advise the media and experts not to overly embellish the myth of getting rich overnight. They should more often remind people of the risks of Bitcoin trading. If you encounter difficulties on your Bitcoin investment journey and can't find direction, or if you are in long-term losses, you can contact Coin Whale. It doesn't matter if you don't know how to trade; we have professional technical teachers to guide you in learning how to trade, providing you with the most professional guidance! Helping you become a skilled independent trader!
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