November 5th, Tuesday Bitcoin (BTC) Analysis and Strategy

From the current market situation, on the 4-hour chart, the Bitcoin price has broken below the upward trend line, with lower lows continuing to be established, and the rebound momentum has been weakening over time. Both the price action itself and news factors have impacted the market. According to the principle of trend continuation, this round of 4-hour level adjustment is likely to see prices test around 65,500.

From a shorter time frame perspective, Bitcoin's price is oscillating within a downward channel. Although there are some signs of a rebound, the overall trend remains downward. The bearish dominance in the market has not changed; the market is currently in a weak state and is in a phase of corrective consolidation. We should consider entering short positions when prices rebound while closely monitoring the strength of the rebound. In terms of swing trading, one can first attempt to go long and then short, but from an overall perspective, the market trend remains bearish.

Trading Suggestions:

Consider shorting in the range of 68,000 - 68,400, with targets looking towards 66,500 - 66,000.

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