Analysis of Morning Thoughts on November 10

Looking back at the market performance in the early morning, BTC has shown a consecutive rise with four bullish candles in the 4-hour time frame, which still belongs to a technical recovery pattern. However, from the current market observation, the price is still a certain distance away from the key support below, and the rebound momentum appears to be slightly insufficient.

Switching to the 1-hour level, the price previously tested the support of the middle track of the Bollinger Bands but failed to hold, subsequently forming three consecutive bearish candles, indicating significant short-term pressure. The Bollinger Bands channel continues to narrow, reflecting a gradual decrease in market volatility, which is accumulating energy for subsequent directional choices.

From a mid-term perspective, BTC is still under the dominance of a bearish trend. Short-term trading advice is to follow the main trend, prioritizing the strategy of placing short positions on rallies.

It is recommended to short near the rebound to 106500-107000, with targets looking down at 105000-104000. If it breaks, continue to look down!
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