🦖 Daily Market Insights on November 5. 🦖
$BTC 's View:
Bitcoin had a directional movement yesterday, initially moving downward, but is now slowly climbing back up. The reason Bitcoin's spike stopped at 92800 is that this level had been tested multiple times without breaking, serving as support. After that, it rebounded upward, breaking the resistance at 93600. After breaking through, it retested 93600 as support and bounced back. Yesterday, Bitcoin demonstrated a very representative play of support-resistance interchange. Everyone can take a look.
Bitcoin broke through 94935 with strong volume, and if it closes above 94935 on an hourly basis, it indicates a buy on the right side, with stop loss on break below.
If it breaks down through 94627 with volume, and fails to recover, it indicates a sell on the right side, with stop loss on recovery. Pay attention to changes in volume and set appropriate stop losses.
At 93511, a false breakdown occurred. If it recovers, consider adding a light position, with stop loss at the low of the false breakdown or at 92819; if it doesn't recover, do not add more.
🦖
Bitcoin needs to firmly break through 95210 on an hourly basis to look up to 95724-96227. Breaking new highs is really difficult, and without external positive factors, I don't see this new high being broken.
Above Bitcoin, watch for a 2B false breakout at 96115; short with a light position, and set a stop loss at 96814 if it stands firm.
Conservative players may wait: Bitcoin spike at 91638 for a long position, with stop loss at 90803; this position is worth betting, even if it goes wrong.
🦖
Upper pressure levels: 95182-95967-96737
Lower support levels: 93972-92560-91667
On the 4-hour level, 93610 was broken, and it needs a second retest at 92791-91622. Currently, the 4-hour level is forming a contracting pattern outlined in yellow; it doesn't break above or below, but I think the probability of a breakout is greater than that of a breakdown.
🦖🦖🦖🦖🦖🦖🦖🦖🦖🦖
$ETH 's Thoughts:
Ethereum broke through 1813 with strong volume, indicating a buy on the right side, with stop loss on recovery.
If it breaks down through 1805 with volume, it indicates a sell on the right side; set appropriate stop losses.
Retesting 1739 confirms effective support for adding one more position; stop loss at 1700.
On the hourly level, Ethereum needs to hold above 1817 to challenge upper target levels of 1850-1895.
Above Ethereum, watch for a short position at 1866; stop loss at 1896 if it breaks through.
Left-side orders: long at 1689, stop loss at 1656.
🦖
Upper pressure levels: 1836-1873-1900
Lower support levels: 1800-1774-1738
On the 4-hour level, if it breaks below 1775, watch downward to 1743-1692. Currently, Ethereum's hourly level shows bearish divergence; be cautious of risks. Meeting adjourned.