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Let's start with last night's US market time. Before 1 AM, the US stock market and Bitcoin were still pretending to be stable with a hint of false gentleness. The Nasdaq and S&P even made a weak rebound of less than 0.5%, looking like they were going to recover some losses.

However, once it hit 1 AM, the US stock market plummeted as if the power was cut off, dragging Bitcoin down with it. Short-term US Treasury yields began to rise again, what does this indicate?

It's simple: the market's fantasy of a rate cut in December is starting to shatter. Don't tell me there are no negative factors for the drop; sentiment is the biggest negative factor. When people's confidence wanes, the trend will still act against you.

So for now, stop brainwashing yourself into thinking that Bitcoin has a solid bottom. Just two weeks ago, you were adamant that it couldn't break certain levels, but three weeks ago, I made it very clear: 100K broke, 98.2K broke, and the market was basically heading towards 88K.

Don't believe it? The market will educate you personally. A so-called reversal isn't just a couple of bounces; the trend is king. Any upward movement that goes against the trend is merely a false rebound aimed at luring in more buyers.

Stop spending all day studying the flow of funds and that mystical stuff—on-chain data, whale behavior, sentiment indicators. If you look too much, even I will start to feel confused. I focus on the rhythm of the candlesticks, from hourly to daily, then to weekly and monthly. Unless there’s a sudden major news event, candlesticks are the most truthful.

Back to the market, Bitcoin hit a low of 90.3K this morning, which is the last broken plank above 90K. Another hit could sink it directly. If today it can bounce back to 93.6K to 94K, that would give you another chance to short, but if it doesn't reach that, then don't trade.

Whether it's weak or not is meaningless right now; the truth will be revealed in 24 to 36 hours. Next, it may test 89.6K, 88.8K, and 88.5K, so it's best to prepare mentally because if the market decides to act, it will do so decisively.

Ethereum is the same. I mentioned yesterday that if it breaks below 3050 twice, it definitely won't hold 3000. Then we have 2996, 2960, and 2926 as key levels. The market speaks through price, not words. Last night, it dropped from 3223 to 3000, a decline of 223 points.

The space is limited; it won't directly drop below 2900. As of the time I wrote this analysis around 11 AM, it's now at 2943, which aligns perfectly with my expectations. If it rebounds to 3088-3112 and then continues to test 2926, that will be crucial. If 2926 holds, that would be a high-quality opportunity at a low level; if it breaks, then wait for 2882-2850, which would be a short-term bottoming area with significant potential losses.

Master Looks at Trends:

Resistance Levels Reference:

Second Resistance Level: 94100

First Resistance Level: 92400

Support Levels Reference:

First Support Level: 90600

Second Support Level: 88600

Bitcoin is still in a downtrend; don’t rush to guess the bottom. First, see where it can stop falling before taking action. The most optimistic scenario is that it can hold around 88.6K. To see a short-term rebound, it must reclaim the area between 92.4K and 93K to have any hope.

In the worst short-term case, it could drop to 87K to 88K, but keep an eye out. The key is to watch for long lower shadows on the candlesticks during the downtrend, which means it drops but then gets pulled back up—this is also a short-term stop-loss signal.

The first support level at 90.6K is where the market will try to protect itself, and the second support level at 88.6K is a previous high, which could also see a small rebound. If 90.6K is lost, the 90K round number will be at risk, and it could directly drop below 89K.

88.6K is a real support level; if it drops to this point, it can be considered that the worst short-term scenario is nearly over. The first resistance level is 92.4K, and the second resistance level is 94.1K.

Only if the price truly returns above 92.4K to 93K can we consider the short-term downtrend paused. At that point, looking for a pullback to go long would be safer. If it can surge to 94K, that would essentially be a V-shaped reversal. The subsequent pullback will be minimal, making it most comfortable to catch the pullback for a long position.

11.18 Master’s Wave Strategy:

Long Entry Reference: Not currently applicable

Short Entry Reference: Short in the range of 93600-94100, Target: 92400-90600

If you genuinely want to learn something from a blogger, you need to keep following them, not just make hasty conclusions after a few market observations. This market is filled with performers; today they screenshot long positions, tomorrow they summarize short positions, making it seem like they "always catch the tops and bottoms," but in reality, it’s all hindsight. A truly worthy blogger will have a trading logic that is consistent, coherent, and withstands scrutiny, rather than jumping in only when the market moves. Don’t be blinded by flashy data and out-of-context screenshots; long-term observation and deep understanding are necessary to discern who is a thinker and who is a dreamer!

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