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Video explanation: Perfect layout of Bitcoin/Ethereum high and low positions, analysis of the market on November 20th, and evening strategy update
Bitcoin was in a narrow range operation on the 4-hour chart over the weekend, until the market started to gain momentum early this morning. Compared to the previous trend, the market is concentrated near the support at 35,300-35,500 and the resistance at 37,200-37,400. It is oscillating and accumulating energy within a limited space inside the range. The morning's increase is currently much greater than the subsequent decline. Therefore, I believe that there will be a certain degree of decline in the short-term market in the near future. From the perspective of the overall daily cycle, the upward trend has not stopped, and it will continue to break through. It is important to focus on the resistance around 38,000-38,500 as a turning point.
Ethereum's trend is similar to Bitcoin's. From the daily chart, the market has tested the support level around 1,930 multiple times. The candlesticks have consecutively shown long downward shadows for 5 days. During yesterday's upward process, the market did not break through and the subsequent decline was less than the increase. At this time, the KDJ indicator on the attached chart shows a turning point and an upward trend, although the MACD lines have crossed downwards, there are signs of a slowdown in the downward trend. From a trend perspective, I believe that the short-term market will continue to oscillate slightly downward, and then continue to challenge the new high of the day at 2,012. From a support perspective, it is prudent to focus on the support around 1,910-1,930. For aggressive traders, the short-term support range around 1,960-1,980 can be considered for initial positions, and a conservative position to consider selling would be around the pressure at 2,080.
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This article is exclusively created by Coin Master, specializing in styles: mobile lock-in strategy focusing on high and low support and resistance, short-term swing high and low, and medium to long-term trend trading.
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