Zhou Yanling: Latest Trend Prediction and Trading Strategy for Bitcoin BTC and Ethereum ETH on November 6
Good trades are never too late. After experiencing significant declines over the past two days, Wednesday's market appears slightly subdued. A short-term bottom consolidation is inevitable, but we will definitely continue to look bearish. Any upward movement must be based on the price being in a strong phase. This is Yanling's personal trading judgment and does not represent everyone. During a weak market, when a rebound approaches a pressure zone, all we can do is to look bearish again. Tonight, we expect some movement in the late night, which may not be as intense as before, but capturing a decent wave is definitely possible.
Currently, from a technical perspective on Bitcoin, the daily chart shows that the price has quickly rebounded from a low of around 99,000 to above 102,000, forming a large bullish candle, indicating strong short-term rebound momentum. The hourly chart has shown a series of small oscillating candlesticks, with highs gradually rising, but the long upper shadow indicates some pressure. The technical indicators MACD on the hourly chart show both DIF and DEA in the negative zone, but the MACD histogram is starting to shorten, indicating a weakening of bearish strength and signs of bullish strength emerging. The RSI on the hourly chart is at 58.70, not yet in the overbought zone but close, indicating a current market bias towards bullish trends. The EMA on the hourly chart shows the 7-period and 30-period moving averages crossing above the 120-period moving average, and the price continues to operate above the EMA7, indicating a short-term bullish trend, but from a larger cycle perspective, it is still in a weak pattern.
Zhou Yanling's Trading Strategy for Bitcoin on November 6:
Short at 105,000-104,200, stop loss above 106,000, target 101,800-101,000
Long at 100,500-101,500, stop loss below 99,500, target 104,000-105,000
Zhou Yanling's Trading Strategy for Ethereum on November 6:
Short at 3,530-3,480, stop loss above 3,580, target 3,320-3,270, continue to look down towards around 3,170
Long at 3,170-3,220, stop loss below 3,120, target 3,300-3,350
[The above analysis and strategies are for reference only. Please bear the risks yourself. The article review and publication may have delays, and the strategies may not be timely. Specific operations should follow Yanling's real-time strategies.]
This article 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 mainly analyzing and guiding BTC, ETH, DOT, DOGE, LTC, FIL, EOS, XRP, BCH, ETC, BSV, and other cryptocurrency contracts/spot operations. He has a solid theoretical foundation and practical experience, excels in combining technical and news-based operations, focuses on capital management and risk control, and is recognized by many investors for his steady and decisive trading style, along with his easygoing and responsible personality.
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