Silk Road on the evening of November 7

Looking back at the afternoon, the price of Bitcoin surged to a high of 102480 but faced downward pressure and fell back, breaking below the key level of 100000 again in the evening; the price of Ethereum also declined simultaneously, after reaching a high of 3370 in the afternoon, it oscillated downwards, nearing the evening it touched a low point of around 3243.

From the perspective of the structure of the pancake, the Bitcoin white pancake has not met the expected rebound. The neckline of the M-shaped head pattern on the hourly chart has confirmed a breakdown, and the price has once again retreated to the 100000 level. From a technical standpoint, after the breakout, there is a lack of effective support, and the weakening volume verifies that the momentum of the head remains. It is highly likely that the downward trend will continue in the evening, with a key focus on the effectiveness of the support at the 98888 line. If it breaks below, it may further open up downward space. The overall head trend has not changed, and the subsequent operations of the Silk Road will remain consistent, primarily focusing on high head layouts, relying on rebound resistance levels to choose the right timing to enter the market.
Operation Suggestions
Bitcoin: Looking around 100600-100800, targeting near 99000.
Two cakes: around 3270-3290, target looking towards around 3150 #加密市场回调