11.5 US stocks closed lower, crypto market under pressure, Bitcoin and Ethereum trading suggestions
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Overnight, all three major US stock indices closed lower, with the Dow down 0.61%, the Nasdaq sliding 0.33%, and the S&P 500 also slightly down 0.28%. In this wave of decline, most large tech stocks were not spared, with giants like Tesla and Intel dropping more than 2%, adding some chill to the market.
Meanwhile, the cryptocurrency market also saw a widespread downward trend. Bitcoin, once a dazzling digital currency, continued its weak fluctuations yesterday, with prices continuing to decline in the early hours, briefly falling below the $67,000 mark, and hitting a low of around $66,800 before starting to rebound. Ethereum also did not escape, dropping below the $2,400 level, with a minimum testing around $2,355. The decline of these two major digital currencies undoubtedly cast a shadow over the entire crypto market.
From a technical perspective, although Bitcoin showed a rebound on the 4-hour chart, the overall trend still leans towards bearish. The fluctuations during the day saw fierce competition between bulls and bears, but the bulls clearly lacked strength, and the market returned to a downward adjustment track in the evening, with the downward force far stronger and more rapid than the rebound. In the early hours, the coin price also fell back to a low of 66,810, but it has since warmed up. Today's high short trading suggestion: 68,500—68,300 continue to short, target 66,666-66,000; long trading idea 67,300-67,500, target 69,000.
After being pressured and retracing from the high point of 2,437, Ethereum has stabilized somewhat during a slight upward pull, but on a technical level, the daily chart continues to show lower lows, maintaining a weak trend. The K-line has formed six consecutive downward candles, indicating a very weak market trend with continuity. On the 4-hour chart, the price is testing both upper and lower levels showing weakness, the bearish volume is consolidating with reduced volume, and although the moving averages show signs of turning, the overall trend remains weak. Trading suggestion: short at 2,420-2,440, target 2,350.
—— The above article is carefully written by Li Hong Trend, and the views expressed in the article only represent the author's personal opinion and do not constitute specific trading advice. There may be differences in points across different platforms, so investors should make cautious judgments based on their own circumstances. The article has a lagging nature, and risks are borne by those who operate based on it.
