Yang Guang bit | November 2 $ETH Volume-driven oversold rebound; focus on shorting rallies under resistance
[Today's Strategy]
Entry: Look to short on a rebound into the 2305–2320 range
Stop-loss: Above 2340
Staggered profit targets:
First target: 2270–2280
Second target: 2245–2255
[Key Takeaway]
The macro outlook remains bearish. On Friday (October 30), the Nasdaq fell 2.86%, the S&P 500 fell 1.82%, and the Dow fell 1.09%; Intel plunged 28.58%. This week, the market faces the midterm elections, nonfarm payrolls, and earnings reports. The market is pricing in a greater than 70% chance of a 25-basis-point rate hike at the December policy meeting. The broader bearish alignment remains unchanged. This morning’s volume-driven rally on the 30-minute and 1-hour charts was an oversold recovery. A rebound to 2305–2320 (the psychological level and the lower edge of the previous platform) is an opportunity to short. There is support around 2245–2255, and a trend-driven crash will not occur.$ETH #ETH回落
[Today's Strategy]
Entry: Look to short on a rebound into the 2305–2320 range
Stop-loss: Above 2340
Staggered profit targets:
First target: 2270–2280
Second target: 2245–2255
[Key Takeaway]
The macro outlook remains bearish. On Friday (October 30), the Nasdaq fell 2.86%, the S&P 500 fell 1.82%, and the Dow fell 1.09%; Intel plunged 28.58%. This week, the market faces the midterm elections, nonfarm payrolls, and earnings reports. The market is pricing in a greater than 70% chance of a 25-basis-point rate hike at the December policy meeting. The broader bearish alignment remains unchanged. This morning’s volume-driven rally on the 30-minute and 1-hour charts was an oversold recovery. A rebound to 2305–2320 (the psychological level and the lower edge of the previous platform) is an opportunity to short. There is support around 2245–2255, and a trend-driven crash will not occur.$ETH #ETH回落
