November 5, Sunday, Latest Bitcoin Market Analysis

That night, the market continued to soar, this time with more strength than early November last year. The current technical structure of the cryptocurrency market has shown a significant deviation. Bitcoin's trend remains relatively stable, still maintaining within the weekend's fluctuation range, displaying strong price resilience and market support. In stark contrast is Ethereum, where the market's oversold sentiment has significantly intensified.

From a technical analysis perspective, Ethereum is likely to undergo a retracement below recent highs. This retracement process is crucial, as the extent of the pullback will directly determine the optimal timing for subsequent bullish entries. It is important to note that market corrections can be categorized as strong or weak; strong corrections often appear in the form of sideways consolidation, using time to exchange for space to digest profit-taking, while weak corrections tend to accompany significant price pullbacks, forming clear declines in space.

For the subsequent market, it is advisable to patiently observe the extent of the pullback. Once the market completes adequate adjustments and technical indicators are restored, one can look for opportunities to position long. Currently, for those looking to enter the market, one might observe the resistance above Bitcoin at levels like 105300/106400 to attempt short positions, targeting around 103300/102500. For Ethereum, currently, one might look at 2608/2667 to attempt short positions. The target range can be adjusted to 2380/2320 and finally around 2230.