Analyst Chen Shu: The downtrend of Bitcoin and Ethereum continues unabated as of 11.21, breaking support levels. Short-term focus on the strength of rebounds.
From the daily chart of Bitcoin, yesterday closed with a large bearish candle, directly breaking below the previous low support level. In the short term, it still cannot break and stabilize above the MA5 daily moving average. Looking at the 4-hour level, the short-term rebound consistently fails to break through and stabilize above the MA30 daily moving average. This line can be treated as a resistance level for rebounds. Currently, the short-term has temporarily stopped falling at the 8.5 line, with short positions to reference at rebound points of 8.9/9.2 highs, and support levels are expected to pull back below 8.5.
From the daily chart of Ethereum, it is basically confirmed that it has lost the MA256 daily moving average. In the short term, it will enter the next stage of a downward trend. Looking at the weekly level, it has currently broken below the MA120 daily moving average at the 2850 line, with the next support at MA256 daily moving average at the 2530 line. The 4-hour level is also continuously under pressure from the MA30 daily moving average, with rebounds focusing on whether it can break through and stabilize above this line; if it cannot stabilize, then it continues to look weak.
Afternoon operation ideas (written at: 13:40):
BTC: Short at 8.8, add to short positions on rebounds at 8.9/9.1, target at 8.7/8.5; consider long positions at 8.35/8.25.
ETH: Short at 2860, add to short positions on rebounds at 2930/3000, target at 2800/2700; consider long positions at 2700/2600.
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