Large pancake, sharing views on the recent market trends of Ethereum
The entire market has seen a slight rebound in the past couple of days, giving the bulls a chance to catch their breath. But today, it seems to have returned to the initial starting point, and the rebound appears to be over. On November 20, which is tomorrow, the U.S. government will release the first batch of macro data after reopening, including the unemployment rate and non-farm payroll numbers for September. Global tech leader NVIDIA will report its third-quarter earnings, and the market generally believes its performance will represent the bull-bear trend in the capital market. Recently, not only has the crypto market been declining, but the entire financial market, including U.S. stocks, has also been going down, so the market urgently needs data, positive data to boost the confidence of investors and institutions, and to delay this wave of decline in the financial market.
Returning to Bitcoin, we now need to observe whether the support around 90,000 can form a double bottom, and then start a strong rebound. Last night, Bitcoin reached resistance around 93,700 and then retraced to the support range around 90,000. It is currently still rebounding, and the stop loss for long positions can be relaxed a bit, with 89,000 to 90,000 being the support range for Bitcoin. If Bitcoin breaks through the 93,700 level subsequently, long positions can continue to be held, and the stop loss can be moved up.
Ethereum is still the same as previously analyzed, with a relatively strong trend. The current support area is between 3000 and 2950. Today's first resistance for Ethereum is around 3130, the second resistance at 3170, and the third resistance at 3250. Focus on the 3250 position, as it has attempted to break through this level multiple times before, but has failed. The possibility of a successful breakthrough next time is quite high.
Finally, I would like to end today's sharing with a sentence: 'Profits come from controlling losses, not from the number of wins.'$BTC
