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November 12 Cryptocurrency Midday Analysis and Trading Suggestions
- Market Review
On November 12, a long position was suggested at 8.77/3300. However, after the European market opened, there was a rapid decline, with Bitcoin dropping to a low of 8.55/3220. The market then rebounded, and Bitcoin reached a high of 8.99/3300 before starting to correct. Regarding Ethereum, the daily chart shows a large bearish candle yesterday, and the downward trend continued today.
- Technical Analysis
(1) Bitcoin
From the daily chart analysis, yesterday's daily candle closed as a small bearish candle with a lower shadow, causing the daily upward trend to temporarily stall. Currently, it is essential to pay attention to whether the price will retest the daily MA5 moving average (84000). From the 4-hour chart, after Bitcoin failed to break the 8.99 high last night, it recorded three consecutive green candles and has fallen below the 4-hour MA5/10 moving averages, indicating a significant short-term correction.
(2) Ethereum
On the Ethereum daily chart, after yesterday's large bearish candle, the price continued to weaken today, showing a trend of retesting the daily MA256 moving average (3065). The short-term bearish signals are quite strong, with the first support level to watch being the 3060 point. If the price breaks below 3060 but can hold, it may enter a consolidation range; otherwise, it will further test the daily MA10 at the 2950 level.
- Midday Trading Strategy (Written at: 15:00)
(1) BTC
It is recommended to open a light short position near 8.75. If the market rebounds to 8.8, you can increase the short position. The target price is set at 8.5. Once the price breaks below 8.5, you can reduce your position and hold, looking down towards 8.4. It is worth noting that if the first drop touches 8.4, consider entering a long position. The overall trading strategy is to short first and then long. However, given the current clear short-term correction trend, while the long position is considered at 8.4, it should depend on the specific market movement. Currently, the short position strategy should be prioritized, and entering long positions should not be rushed.
(2) ETH
Open a light short position on Ethereum near 3180. If it rebounds to 3220, increase the short position. The target is set at 3060. If the price breaks below 3060, reduce your position and look down towards 2950. Long positions in Ethereum can consider the timing based on Bitcoin's movements, and caution should be exercised with long positions; the focus should be on shorting at this stage.
Investors need to closely monitor market dynamics and flexibly adjust their trading strategies based on real-time market conditions, while reasonably controlling their positions and risks.
This article is independently written by the Coin Victory Group. Friends who need current price strategies and solutions can find the Coin Victory Group online. Recently, the market has been primarily characterized by fluctuations, accompanied by intermittent spikes. Therefore, when making trades, remember to control your take-profit and stop-loss levels. In the future, when facing significant market data, the Coin Victory Group will also organize live broadcasts across the internet. Friends who wish to watch can find the Coin Victory Group online and contact me for the link.
Mainly focused on spot and contract trading, BTC/ETH/ETC/LTC/EOS/BSV/ATOM/XRP/BCH/LINK/TRX/DOT, specializing in styles, mobile locking strategies around high and low support and resistance for short-term fluctuations, medium to long-term trend trades, daily extreme pullbacks, weekly K-top predictions, and monthly head predictions.
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