Zhou Yanling: Why Did Bitcoin Plummet to 11.5? Latest BTC ETH Trend Predictions and Trading Strategies Today
In the first week of November, the cryptocurrency market experienced another severe crash, directly breaking through $99,000 and hitting a new low in nearly six months. This crash triggered over $2 billion in liquidations across the network within 24 hours, with long positions particularly hard hit. Many are asking why did the cryptocurrency prices suddenly plummet again? The most important reason is the large-scale withdrawal by institutions, which I don't need to explain further; another reason is that after the latest Federal Reserve policy meeting, market expectations for a rate cut in December significantly cooled, driving the dollar to surge. A stronger dollar puts additional pressure on the cryptocurrency market, which is priced in dollars. Meanwhile, the U.S. government has entered its 35th day of "shutdown," tying the record for the longest shutdown in history, further exacerbating uncertainty in the global financial markets. Finally, from a technical perspective, there are multiple pressures above, making it difficult for bulls to break through successfully, and a downward correction is inevitable; the accumulation of various factors has intensified the extent of the decline.
After the storm, the calm allows us to take a closer look at the technical aspects. Recently, Bitcoin has formed a series of bearish candles on the daily chart, followed by a slight rebound, presenting an overall weak oscillation pattern. On the hourly chart, from 10:00 to 17:00 on November 5, the price rebounded from a low of around $100,700 to a high of around $102,300, then remained flat, failing to break through the previous resistance level. In the short term, it is still in a range-bound state. The technical indicators show that both the DIF and DEA in the MACD hourly chart are negative, and the MACD histogram continues to shrink, indicating that bearish strength is weakening but has not yet turned strong, with insufficient bullish momentum. The RSI on the hourly chart is at 43.2, in a neutral to weak area, not entering overbought or oversold zones, indicating relatively stable market sentiment. The 7-period EMA and 30-period EMA on the hourly chart have crossed downwards, while the 120-period EMA is far from the current price, indicating that the recent trend remains bearish.
Zhou Yanling's 11.5 Bitcoin Trading Strategy:
Short at 103200-102200, stop loss above 104200, target 99900-99000, continue to look for a breakdown towards around 94000.
Light long at 99000-99800, stop loss below 98000, target 101000-102000.
Zhou Yanling's 11.5 Ethereum Trading Strategy:
Short at 3370-3330, stop loss above 3420, short-term target 3170-3120, medium-term target around 2900.
Short-term long at 3130-3170, stop loss below 3080, target 3250-3300.
【The above analysis and strategies are for reference only. Please bear the risks yourself. The article's review and publication may have delays, and the strategies may not be timely. Specific operations should follow Yanling's real-time strategies.】
This content is exclusively shared by senior analyst Zhou Yanling (WeChat public account: Zhou Yanling). The author has been engaged in financial market investment research for over ten years, currently focusing on analyzing and guiding BTC, ETH, DOT, DOGE, LTC, FIL, EOS, XRP, BCH, ETC, BSV, and other cryptocurrency contract/spot operations. With a solid theoretical foundation and practical experience, he excels in combining technical and news-based operations, emphasizing capital management and risk control. His trading style is steady and decisive, recognized by many investors for his easygoing yet responsible character and sharp, decisive operations.
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