On the evening of 11.23
The price of Bitcoin is currently near 85790. In the morning, there was a rapid increase, followed by a consolidation at a high level. However, after hitting the high point of 86826.8, the price fell back and formed a long upper shadow candlestick. This indicates that there is significant resistance above, and the short-term upward momentum has weakened. The subsequent candlesticks are in a state of consolidation, hovering around 85900, in a high-level consolidation phase. It is currently in the upper middle band of the Bollinger Bands, which means it is still in a strong area, but attention needs to be paid to whether the price can stabilize at the middle band.
KDJ indicator: The J value is trending down, indicating a demand for a short-term pullback.
The MACD is still in a bullish state overall, but the red bars have shortened, indicating a weakening of bullish strength.
In the short term, after experiencing a rapid increase, the price has entered a phase of high-level consolidation. The upper range of 86900-87000 is a strong resistance level; if it can break through effectively, it may continue to rise. If it cannot break through, it may retest the middle band around 85429 for support.
If the middle band support is effective, the price may continue to maintain a strong consolidation trend; if the middle band is broken, it may further test the lower band around 83940. It is suggested to retest around 85000--84200 for potential buying opportunities, targeting near 86600--87435;
For Ethereum, it is suggested to retest around 2780--2740 for potential buying opportunities, targeting near 2840--2880.
The above is only personal advice and for reference only; please refer to the layout by Haoyu Shipan for specifics. $BTC $ETH #btc
