The Analysis of the Morning Trading on November 16

2023-11-16 04:11:23

Yesterday's Intraday Outlook

Yesterday, the subjective view was that the market would complete two structures and rebound as the short-term bottom at 34500. Surprisingly, it happened so quickly. We originally expected this recovery to happen next week. As mentioned yesterday, 36300 is the key level to determine the strength or weakness of the short-term trend. If the market can hold above this level, it indicates a medium-term strength. The next resistance level is at 36800. Step by step, all the expectations are being realized.

Despite the significant performance of Bitcoin, we should not chase after every rise. We need to be cautious about the repetitive pattern of pulling back and sideways movement, which involves constant transfer of the ownership. In yesterday's morning session, I predicted that the Z wave would end below 35400. This prediction remains valid. Before Ethereum starts its narrative, it will likely fluctuate between the range of 35400 and 38200. If it falls below 36300, it indicates weak oscillation, and if it drops below 35400, it suggests the end of the downward movement.

Medium and Long-Term Outlook

Resistance levels: 39800 - 42000 Support levels: 34500 - 34000 - 33200

Short-Term Outlook

Resistance levels: 38200 - 38800 Support levels: 36300 - 35400

Ethereum has not completed its movement yet and will test the level of 2030. As for the method of entering after the breakthrough, our partners should be familiar with it. Intraday support levels are at 2030 - 2000, and the resistance levels are at 2080 - 2090 - 2140.