Trading Strategy for Wednesday, November 12th (Morning)
Bitcoin 4-Hour Chart: Weak Rebound After Last Night's Plunge – Is This Morning's Movement Enough to Make a Move?
Last night, Bitcoin experienced another heart-stopping moment, plummeting from around 105,000 to just over 100,000, only slowly recovering to around 103,000 in the early morning. It dropped almost 3 points in 24 hours; the bears really didn't hold back this time.
This morning's movement is like the price catching its breath after a significant drop, hovering between 102,000 and 103,000. It hasn't broken through last night's support, but it also lacks the strength to push higher – currently stuck below the Bollinger Band middle line at 104,000, with all moving averages in a bearish alignment, a typical "weak rebound without a reversal."
Trading Suggestions
Short Entry Point: Wait for a rebound to the 104,000-105,000 level. If the price touches this level and then reverses course, and the MACD histogram widens, consider a small short position with a stop-loss above 106,000. Initial target is 100,000, and if that's broken, look for 99,000.
Long Entry Point: Don't rush to buy the dip. Wait for a pullback to the 100,000-101,000 level, where it stabilizes, and the KDJ indicator shows a golden cross. Then, consider a small long position with an initial target of the 104,000 level (the middle Bollinger Band resistance).
Currently, the market is in a bottoming-out consolidation phase after a decline. Avoid chasing rallies and making hasty trades. Wait for signals at key levels before taking action.
