11.1 BTC, ETH Evening Analysis: Intense Tug-of-War Between Bulls and Bears, Is the Non-Farm Data Favorable?
From the non-farm employment data released at 20:30 this evening, the significant discrepancy below expectations is a strong favorable indicator. Regardless of whether the data is adjusted, it has indirectly prompted a rebound in Bitcoin. Looking at the chart, after the M-top formation, the daytime belongs to a downward cycle. Because the technical indicators on the daily line closed last night and are showing a downward divergence, it aligns with the basic trend pattern of M. If the previous low of 68800 cannot be broken in the latter half of the night, it is highly likely that we will enter a period of consolidation, which will basically continue over the weekend.
From the 4-hour chart of BTC: Bitcoin has shown long wicks both upwards and downwards. Although the technical indicators show signs of turning, it has not stabilized below the trendline's low point of 69100. Pay attention to the latter half of the night; if it still does not break through, there will be a consolidation adjustment. Currently, the general direction indicates a bullish trend channel, and the structure is upward, so after a pullback, there will be considerable space for an increase. Looking at the 4-hour closing situation, the upward wicks are relatively long, indicating a strong bearish sentiment in the market, and combined with the additional indicator OBV, it is also showing a downward crossover indicating bearishness. Except for KDJ being oversold, all other indicators are moving downwards, so for now, the direction should primarily focus on short positions while maintaining good defenses in the context of a bullish long-term outlook!
BTC Evening Strategy: Short at 70700-71200, targeting around 69500!
ETH Evening Strategy: Short at 2530-2545, targeting around 2485!
