November 6 Evening BTC Market Analysis

Looking back at today’s movement, Bitcoin rebounded to a high of 104,186 before facing resistance and pulling back again. The short position strategy set up earlier today accurately timed the move, capturing over 1,500 points in profit.

From a technical perspective, the daily chart has formed an effective double-top pattern, indicating clear resistance signals. On the 4-hour chart, the trend shifted from a stair-step decline to a sideways-downward structure, with frequent pattern changes leading to increased market volatility. This requires more precise timing for entries. Currently, the price is under pressure at the middle band of the Bollinger Bands, and the overall downtrend remains intact. The outlook continues to favor a bearish stance.

Trading suggestions: Focus on short positions during rebounds, especially around key resistance zones, to seize entry opportunities.

Operational advice:
Consider deploying short positions in batches around 104,000 and 104,500, with proper risk management in place.