Evening Analysis on November 7
The strong momentum in the past 24 hours is indeed eye-catching, and the market sentiment is quite high, but there's a key point to remind: today is Black Friday. At such a time, if the account grows too aggressively, the risk of subsequent corrections is often easily overlooked.
From a technical perspective, we have already reached a strong resistance zone near 118800. This position is like a challenging hurdle; breaking through it all at once is quite difficult, and the upward momentum is likely to slow down here. More importantly, current market sentiment has become somewhat overheated, and signs of retail investors chasing profits are beginning to emerge. At such times, market conditions can easily reverse suddenly, turning from profit-taking to sharp declines.
Suggestions
Bitcoin: Look around 118500-119600, targeting 117400-116400, with a stop loss at 120000.
Ethereum: Look around 3000-3040, targeting 2960-2920.
