Analyst Chen Shu: Bitcoin and Ethereum significantly declined on November 5, pay attention to the strength of the rebound, focus on the resistance at 10.45 during the rebound.

From the daily chart of Bitcoin, it experienced another significant drop yesterday, directly piercing through the daily MA256 moving average at 10.45, with a low that broke below the $100,000 mark. Currently, the short-term decline has temporarily halted, and we should pay attention to the breakout situation of the rebound at the 10.45 level. If the price rebounds to this level and encounters resistance again, it will form a top-bottom conversion position, entering a new phase of downtrend. On the hourly level, the short-term rebound has currently broken through the MA5/10 daily moving averages, and we should focus on the continuation strength of the rebound. If it rebounds to around 10.4, it is still possible to attempt a light short position to look for a pullback.

From the daily chart of Ethereum, it also closed with a large bearish candle yesterday, with the price directly probing the daily MA256 moving average at the low of 3050. On the weekly level, it similarly retested the support of the MA60 moving average. In the short term, we should pay attention to the breakout and stabilization at 3400 during the rebound. If it breaks and stabilizes, the rebound will continue; otherwise, it will drop again to retest the 3000 level, while also keeping an eye on the MA10 daily moving average on the 4-hour chart.

Afternoon trading strategy (written at 12:30):

BTC: Short at 10.35, add to short at 10.45 during the rebound, target 10.2/100,000; consider buying long below 100,000.

ETH: Short at 3400, add to short at 3500 during the rebound, target 3300/3200; consider entering long at 3060/3000.

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

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