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November 5 BTC/ETH Mi Shen Strategy
Yesterday’s strategy already told everyone that midterm elections have historically resulted in seat losses, so there’s no need to be overly pessimistic. Instead, we should think, “When others are fearful, I am greedy.” Last night’s sharp rally confirmed that Mi Shen’s call was spot on. Let’s keep pace and take a look at today’s Mi Shen strategy:

BTC: Last night’s rally brought price back near the upper boundary of the 78500-81700 range. Today, watch whether price can challenge resistance at 81700. On the first spike into this area, you can consider an early short. Look for a short near 81700; if price pulls back directly, look for a long opportunity near the midpoint of the current range, around 79350. The technical picture here is very clear, unlike before when things were more uncertain. Most of the event-related uncertainty has cleared, so just keep an eye on Friday’s nonfarm payrolls report. (Specific outlook: bullish)

ETH: Last night’s rally brought price straight back into the August-September consolidation range of 2380-2505. The 2460-2505 area ahead is major near-term resistance, so look for a shorting opportunity if price rallies into this zone today. Higher resistance is at 2505-2580. If price pulls back today to the 2330-2380 support range, you can look for a long entry. The technical picture is also very clear. Price is currently moving sideways, awaiting a directional move. (See chart for details)

Calendar:
November 6 (Friday) 21:30: U.S. October nonfarm payrolls report (daylight saving time has ended; Beijing time is 21:30)$ETH ‌

A quick weekend chat
The market saw 542 million in liquidations overnight, with 115,006 people wiped out; stop-losses outweighed profits overall this week, and we didn’t see positive returns!
BTC
Support: 75475-78425
Resistance: 85150-87500
Key levels: 79300-79500. Last night’s low was 79178, and we’re around 81000 now. If you have orders placed at 79900, consider reducing your position to lock in a break-even stop. No rush to buy spot; let’s see next week whether it breaks below the 75475-78425 range.
ETH
Support: 2215/2150/2095
Resistance: 2525
Every move down in ETH hits support—there are plenty of support levels. If you want to buy spot, as I’ve said before, start placing limit orders at 2100, adding 1-2 layers for every 150-200 drop.
The 2407 long from Friday evening hit its stop-loss.
Those with an average XAU entry at 4100 have mostly been stopped out or significantly reduced their positions.
SNDK: The 1200 level I discussed yesterday noon briefly broke on a wick down to 1195, but that still counts as the first test. At 1250 now, volatility remains high and the opportunity is still significant.
HYPE: As discussed yesterday, the first pullback into the 74.5-76 range offered 1-2 chances to scalp. The low was 74.4, and it’s at 76.8 now—enough for a very short-term trade.
These trading suggestions do not constitute a basis for any investment decisions: If the squeeze on longs and shakeout continue next week, prioritize positioning in BTC and ETH spot. Don’t obsess over wins and losses in a single trade, and don’t imagine that every trade must be profitable. If you don’t change this “retail sucker mentality” of expecting to make money 100% of the time, you’ll never turn around your losing results!
Trading isn’t about waiting until you’re 100% certain before acting; a probability of 60%+ is enough to take a shot!
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