Bitcoin and Ethereum Market Analysis and Trading Strategies for the Early Hours of November 24

Bitcoin attempted to rebound past the 87,000 mark during the day but failed under pressure and started to pull back. Currently, the price has returned to fluctuate around 86,300. On the 4-hour chart, the Bollinger Bands have started to narrow and run parallel, with the price oscillating within the 87,000-85,000 range throughout the day. The range is shrinking, and after consolidating, the market will choose a direction for a breakout. Based on the daily chart's need for adjustment, the current 4-hour chart is still considered to be in a wave B rebound correction, followed by a wave C adjustment, with the middle band serving as a short-term secondary high. If the B wave correction high is reached, we can expect a larger adjustment range if the range is broken downward; on the other hand, if the price recovers and stabilizes above the upper band, the adjustment direction may change. For now, as long as the price is below this level, the outlook remains bearish.

As for Ethereum, after stabilizing above 2,700 during the day, the price has started rebounding again and is currently fluctuating around 2,810. The 4-hour chart shows Ethereum running within a descending channel. The resistance at the upper boundary of the channel, near the 3,000 mark, is the critical point for this downward trend. As long as the price does not break above the descending trendline, the bearish trend on the 4-hour chart remains unchanged, and short-term rebounds are not enough to reverse the trend. The resistance at the early week’s drop opening is around 2,900, which now coincides with the 30-period moving average on the 4-hour chart. Since the rebound has temporarily stabilized during the day, there is a chance of a rebound to confirm resistance before facing renewed downward pressure in the early hours. The short-term strategy is similar to Bitcoin: look for opportunities to short on rebounds and aim for further downside.

Bitcoin: Short at 86,700-87,700, target around 85,700

Ethereum: Short at 2,800-2,850, target around 2,750
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