🔥 Crypto Market Snapshot 11/8: BTC & ETH – Waiting for a new breakout?
After a strong breakout over the weekend, the market this morning is entering a phase of "catching breath" with light corrections, but the short-term uptrend structure remains intact.
1️⃣ Bitcoin (BTC/USDT) – $121,297 (+2.65%)
BTC has broken out from the range of $118,500 to hit a peak of $122,335, then paused to "recharge". The EMA7 & EMA25 are still below the price – a strong bullish trend signal.
• Nearby resistance: $122,300 – $122,800
• Support: $120,700 – $118,500
💡 Plan: Wait for the price to retest $120,700 – $121,000 and for a bullish reversal candle to appear → Short-term Long. Target $122,300 – $122,800, SL below $120,000. If it breaks below $120k, consider shorting to $118,500.
2️⃣ Ethereum (ETH/USDT) – $4,261 (+1.21%)
ETH just corrected from the peak of $4,349 but remains above EMA25 ($4,259) and EMA99 ($4,100) – a crucial dynamic support zone.
• Nearby resistance: $4,350 – $4,400
• Support: $4,210 – $4,150
💡 Plan: Long when the price holds above $4,210 – $4,230. Target $4,350 – $4,400, SL below $4,150. If it breaks below $4,150 → quick short to $4,036.
📊 Overview
The market remains bullish in the short term, but buying pressure is more cautious. If BTC breaks $122,300 first, ETH is likely to follow and surpass $4,350. Conversely, if BTC loses $120k, the entire altcoin market will face strong profit-taking pressure.
⏳ Current phase: Stand aside and observe or look to buy at support levels to "go with the whales" instead of FOMOing at the peak.
