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#BTC November 9 Bitcoin and Ethereum Market Analysis and Trading Ideas
Bitcoin retreated and stabilized around 101,400 yesterday, then started to rebound. Currently, it is oscillating around 102,300. The 4-hour chart shows a series of low-level bullish rebounds. The rebound has room for continuation, breaking the weak downward trend. It is now supported above the 100,000 level, with short-term switching between bullish and bearish sentiment. The broad-range oscillation pattern remains unchanged, indicating it is not a very weak one-sided move. Slight stagnation limits the price’s single-direction momentum. The focus remains on consolidation, continuing to participate in high and low trades within the range.
Ethereum experienced a decline to around 3,354 during midnight, then stabilized and began to rebound. Currently, it is oscillating around 3,400. The 4-hour chart shows a tug-of-war correction with Bollinger Bands narrowing. The upper band’s resistance is now aligning with yesterday’s high. The short-term structure has not formed a reversal pattern of a decline followed by a rise; after a partial rebound correction, the downward trend remains intact. The 4-hour chart continues to follow the previous downward wave pattern. The hourly Bollinger Bands are contracting. Today's trading strategy is based on the 3600 level as a dividing point: below it, look for short positions; above it, adjust the trading approach.
Bitcoin: Short at 101,900-102,800, target around 101,300
Ethereum: Short at 3,390-3,440, target around 3,340