Nov 13 Friday Midday Market Analysis

First, congratulations to the brothers in our group, and to those who have stayed in the fight with me for the long term and held on—you’ve made big gains. On September 20, when BTC was at its peak of 87,000 and ETH at 2,800, I said the November midterm elections would be a major bearish catalyst. BTC starting with a 6 and ETH starting with a 1—we’ve reached those targets exactly as expected.
Don’t try to call the bottom in a downtrend. BTC is now in a full-blown downtrend, plunging with consecutive bearish candles and no meaningful bullish resistance. It has now broken straight through the 70,000 mark. A confirmed break below 70,000 is bound to trigger widespread panic selling. So far, there are no signs of the decline stopping: no downside wick probing for a bottom after a sharp plunge, and no signs of volume contracting and prices stabilizing. Volume and price are moving normally during the decline, and MACD shows no divergence, indicating this is a healthy and forceful decline. Be cautious about buying the dip before a clear signal of a sharp drop, a downside wick, and a reversal.
Ethereum is in even worse shape. It has now broken below the key 2,000 support level. On the daily chart, it formed a big arch and has returned to its starting point, back inside the lower consolidation range. This means the entire 1982-1510 range is in play for ETH. Don’t think that level is still far away—ETH never disappoints when it comes to falling.
Unless the bulls can drive a surge in volume and reclaim and hold above 2,000, ETH will remain extremely weak, and any rebound will be an opportunity for bears.
In a downtrend, any rebound is an opportunity for bears to enter; if you’re aggressively shorting, make sure you have a stop in place and manage your position size.
BTC trade recommendation: Short around 69000-69500, stop loss at 70000, take profit at your discretion; there are opportunities all the way down. Recommended: 68300-67500
ETH trade recommendation: Short around 1940-1965, stop loss at 2000, take profit at your discretion; there are opportunities all the way down. Recommended: 1910-1700