Evening Analysis, November 4th
Bitcoin can be traded around 104200 and 104600.
Target 102300-101700; consider a small long position upon reaching these levels.
Bitcoin can be traded around 3520 and 3550.
Target 3400-3350; consider a small long position upon reaching these levels.
Reviewing the afternoon, Bitcoin began a one-sided decline from around 107300, reaching a low near 103600, with significant downward momentum.
From the hourly Bollinger Bands, the three lines are diverging sharply downwards, with the gap widening, indicating that the short-term downward trend is strengthening. Simultaneously, under the dominance of downward momentum, the downward trend line is extending downwards, further solidifying the current weak hourly chart pattern. The technical picture is entirely biased towards a downward trend. $BTC