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11.21 Afternoon Market: Silk Road is here!
Looking at the 4-hour chart of Bitcoin, the recent trend shows that the bears have been quite strong. The middle band of the Bollinger Bands is continuously pressing down, and there’s no strength for a rebound. From last week until now, the overall trend has been downward, and friends trying to catch the bottom have not found a suitable opportunity.
Since last night, the price has been steadily declining, and this morning, it broke through the 86,000 level. Now, the support at 85,000 also seems to be struggling to hold. Currently, the bear volume has not decreased, and in the short term, we should mainly consider short positions after rebounds. If the key resistance level above is truly broken, it’s not too late to switch to Silk Road again.
The trading advice is very simple:
- Bitcoin: Short around 86,300-86,500, targeting near 85,000
- Altcoin: Short around 2,830-2,850, targeting near 2,700