11.20 Morning Strategy Insights
Yesterday's market was almost a replica of the previous day's trend, with bullish forces showing signs of fatigue and weakness. Could it be that Powell's attitude has had such a significant impact? It has influenced the entire market's sentiment and direction, leading to a deep correction mode.
From the 4-hour structure chart, the K-line has continuously shown large bearish candles, and the rebound space has been greatly compressed. The bullish performance is particularly weak while bearish momentum continues to be released, pushing prices downward. The overall pattern has clearly presented reversal signals. This decline is likely to test the 92000 - 90000 area.
In terms of trading, if Bitcoin rebounds to around 97500, a short position could be considered, with a target price aimed at around 94000.
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